Scots children feel pinch as parents cut pocket money

By Jeff Salway
Published on 08/09/2012 13:30

CHILDREN in Scotland are feeling the recessionary pinch as parents reduce the amount of pocket money they hand out.

The money received by the average child in Scotland aged 8 to 15 has fallen by 8 per cent – almost £30 – in just a year, new research shows.

The typical weekly pay-out is now £6.32 a week, according to the Bank of Scotland Pocket Money Survey, which said the reduction reflected increased pressure on family finances. The amount that parents pay out in pocket money has declined steadily since 2005, the bank’s survey results show.

But Scottish children are more likely than those south of the Border to get pocket money, while they also get 34p a week more than the UK average.

Almost two-thirds are saving at least a quarter of the amount they receive and, surprisingly perhaps, less than half believe they should get more pocket money.

Nitesh Patel, economist at Bank of Scotland Economist, said:

“It is encouraging to see that almost two- thirds of children in Scotland are still saving at least a quarter of the money they get, despite the fact that the amount of pocket money they receive has fallen.”