Greengates Builders Merchants

Pocket Money Cut For Youngsters!

Any parent struggling to work out the family budget needs to speak to their children to see how to manage on less money as a survey out today says that spending money for eight to fifteen year olds has been cut but children are still managing to cope.

British children have suffered a slump in their pocket money, according to research by the Halifax.

The bank's poll of eight to 15-year-olds found, the average weekly amount fell from £6.24 a week in 2009 to £5.89 a week this year.

The peak for pocket money was in 2005 when it was at £8.37 per week. The last time pocket money fell below £6 a week was in 2003.

"Teaching children how to manage their own pocket money is a great first step to building good financial awareness in our youngsters."

"It is encouraging to see that children are still saving, despite the amount of pocket money falling," said Flavia Palacios Umana, head of savings products at Halifax.

Findings

The poll, of 1,204 youngsters, found that boys were still paid 40p more than girls on average every week. However, this gender pay gap had narrowed from a £1.30-a-week differential in 2009.

Children in London have seen a fall of nearly £4 a week from £10.89 compared with last year, to £6.89 this year.  Children in Wales are managing to get the most pocket money, at £7.77 a week.

The lowest amount was given to youngsters in the South West of England, at £5.05 a week.

On average, youngsters saved about 37% - or £2.15 a week - of their pocket money, the poll found.

Greengates Builders Merchants Accrington, Lancashire says maybe  we could all learn something from our children.