Pocket money highest since 2007 - but children demand more

Pocket money is at its highest level since 2007 - but almost half of children think they should be getting more.

Nearly half of children believe they should be getting more pocket money. (PA Photo/thinkstockphotos)

Parents are handing out an average of £7.04 a week, 7% more than last year’s average of £6.55, according to the Halifax annual pocket money survey.

This year’s sum represents a 500% increase from the £1.13 many of their parents would have been receiving in 1987.

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Despite that, almost half of children think they should be getting more, while 15% of children believe they receive the same or less than their parents did.

In 2007, children received an average of £8.01, they pocketed £8.20 in 2006, and in 2005 they received a cool £8.37.

Halifax said it is likely all of them will have received the existing round pound in their pocket money at some point but the coin will be replaced before the end of the month.

That news seems to have gone unnoticed by many of today’s children, with almost half (43%) initially unaware a new 12-sided coin was being introduced.

Giles Martin, head of savings at Halifax, said: “Regardless of the amount of pocket money they receive, it’s important for children to think about saving.

“Having somewhere to save pocket money, be it a piggy bank or savings account, is a helpful tool for adults teaching those lessons.

“The positive messages about saving must be hitting a note with kids, with so many planning on putting the new pound coin straight into their piggy bank.”

The British tradition of piggy banks is alive and well, with eight out of 10 children using one to save.

The research is based on a survey of 1,203 children aged eight to 15, and 606 parents with children up to the age of 15.