Average pocket money increases to £6.55 a week

Pocket money for children has risen almost six percent based on figures from the Halifax Pocket Money Survey. The £6.55 average is a nine year high across the UK and a five percent increase on last year.

Who gets more spending money – boys or girls?

The report highlighted that boys are getting more spending money than girls. On average boys receive £6.93 a week whereas girls are getting just £6.16.

Pocket money by UK regions

The survey also breaks down spending by region. While children in the capital got more it was children in East Anglia and the East Midlands who came behind their peers for pocket money.   Though last year they were getting £5.63 and £5.64 respectively.

London £8.21
Scotland £7.06
South East £6.83
North West £6.68
North East £6.51
Wales £6.44
South West £6.36
Yorkshire/Humberside £6.25
West Midlands £5.84
East Midlands £5.33
East Anglia £4.96

More children are saving

Encouragingly, around 80% of children save some of their pocket money – up from 70% who were surveyed last year.

“Pocket money is a great training tool in money management and a fantastic way of instilling a sense of the value of money from an early age. Getting children to set aside even just a small amount each week can help them to develop a strong savings habit that with serve them well through to adulthood, so it’s particularly encouraging to hear that almost four in five children are now doing so.”

Giles Martin, Head of Halifax Savings

Financial education for children

As a business one of our key aims is to engage with the community and encourage the benefits of financial responsibility from an early age. The One Advice Group, of which Harrington Brooks is a part, has developed a board game called PayDay. You can read more about it on the One Advice site.