06 Jun 2016

Pocket money hits a nine-year high

Pocket money hits a nine-year high


The average weekly allowance parents give to their children has risen to its highest level for nine years, according to a new study.

On average, children now receive £6.55 per week from a parent or guardian, an increase of almost 6% in the last year.

Not since 2007 have children received more pocket money, which suggests a loosening of the family purse strings after almost a decade. 

The number of children receiving pocket money has also increased by 3% in the last 12 months to four in five (81%).

Fourteen-year-olds earn most

On average, eight year-olds receive £5.06 with 15 year-olds receiving £7.85. However, it is nine year-olds who receive the least on average (£4.68) and 14 year-olds who receive the most (£8.03).

Despite the pocket money pay rise, just over two fifths (42%) of children still believe they should receive more pocket money than they do, up 1% on last year.

However, over half (51%) believe they receive the right amount of money.

Just over one in five (23%) believe their friends get more pocket money than they do (down 2% on last year) and almost half (45%) say knowing how much their friends get is important to them, a significant increase on 2015 (37%).

Giles Martin, Head of Halifax Savings, which carried out the research, said: “It’s reassuring to see that the average weekly amount has reached a nine-year high.

"Some parents are clearly not feeling the pinch in the same way as they have done in recent years, when weekly pocket money dipped as low as £5.89.

"It’s likely it’ll be a few more years until we reach the dizzy heights of £8.37 in 2005 though, when we saw the highest average pocket money since our records began.

Personal financial planning

Aberdein Considine has a national network of independent financial planners who can help you plan for your child's future.

We can help you with trusts, savings and investments.

To speak to one of our experts, call 0333 0044 333 or click here.

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