Do you give your children pocket money? And if so, how much do they get? That’s what Family Investments asked parents in a recent survey, which turned up some surprising results. According to the poll, two-thirds (67 per cent) of children don’t receive any pocket money at all – despite four in five parents agreeing that people who learn to save in childhood will be better at money management in later life.
Among children who do receive pocket money, the average ranges from £2.50 to £4 a week for six to twelve-year-olds, rising to about £7.50 a week between the ages of 13 and 16. It’s encouraging to note that the vast majority of children (84 per cent) save at least some of their pocket money, although saving tends to drop off after the age of 11.
It’s also interesting to see what kids are saving up for – it’s not all iPods and videogames. Surprisingly, nearly a quarter (24 per cent) of children put some of their money towards holidays, while 12 per cent think even further ahead and build up some cash for college or university. However, the most popular (47 per cent) were big-ticket items like bikes or expensive toys.
And what about teaching children the value of hard work? It seems most parents are soft-hearted in this regard – only 27 per cent of parents make their kids do chores in return for their pocket money, while 33 per cent don’t set any conditions for the weekly allowance. The remaining 40 per cent think that children should have to do some work for their pocket money, but don’t always enforce this.
A quick survey around the Mojomums team shows a split; some mums give a regular monthly amount, others only give if the kids ask! How do you manage this, especially with slightly older children? Let us know your ideas & we’d love to hear how much your children receive & whether they save or spend!