Children's Pocket Money 'On Slide'

The number of children who receive weekly pocket money appears to be on a declining trend, research suggests.

While more than three-quarters (78%) of eight to 15-year-olds who took part in Halifax's annual pocket money survey still get a weekly payout, this proportion has fallen from 82% who did so when the survey was carried out in 2014 and 84% when the research was conducted in 2013.

Despite the improving economy, children are getting 15p a week less on average for their piggy banks than they were a year ago.

Halifax found that the typical weekly payout a child receives now amounts to £6.20, compared with £6.35 in 2014 and £6.50 in 2013.

Continuing a trend seen previously in the survey, boys tend to fare better than girls when it comes to the amount of money received, the research suggests.

Boys said they get £6.25 a week on average, while girls receive £6.14, although Halifax said the pocket money gender gap'' has narrowed compared with 2014.

The difference between what boys and girls receive is now 11p a week, whereas in 2014 boys typically received 35p a week more than girls.

Boys were also more likely to be asked to perform chores, such as tidying their bedroom or washing the family car, in return for their weekly payout, the research found.

One in four children surveyed think their friends get more pocket money than they do, although the proportion of youngsters who believe their parents ought to cough up more cash has fallen by two percentage points on a year ago, to 41%.

Boys tended to be more likely than girls to say they should get more money, the research found.

Seven in 10 children surveyed save at least some of their pocket money and one in 10 save all of it. Two-thirds (67%) of girls are putting money away in savings, compared with nearly three-quarters (73%) of boys.

Across Britain, children living in London get the most pocket money, at £7.65 a week on average, closely followed by youngsters in Scotland, who receive £7.27 typically.

Children in the West Midlands receive the smallest weekly amounts, at £5.45 typically, according to the findings.

Giles Martin, head of Halifax Savings, said: A fall in the amount of pocket money children receive for the second year running shows the financial pressures that some households are still under, despite the improving economy."

Nevertheless, parents will be pleased to know that on the whole, children are satisfied with the amount of money they receive.''

Some 1,200 children between eight and 15 years old took part in the survey.