Little misses get more moolah

For the first time in a decade it seems the notorious gender pay gap is being reversed and girls are now getting more pocket money than boys according to the Halifax Pocket Money report.  Girls average £7.09 a week while the boys average amount has dropped by 14p since last year to £6.91.

It seems boys’ expectations to be higher earners start from an early age, as just over half (51%) said they believe they should be given more pocket money, compared to just 41% of girls. Over half (53%) of girls said they felt they were given the right amount of money. 


Drop in average amount

The overall average amount of pocket money kids receive has also dropped for the first time in four years. The average weekly amount is now £7.01p, a 3p drop from last year’s average. Halifax estimates this equates to a national weekly pocket money deficit of £235,405* or enough money to buy 21,420 LOL dolls.** Though a decade ago the average weekly amount was a princely £8.01.


Cash is still king

The use of mobile phones and other digital technology is a fact of everyday life for most of us which means kids are exposed to virtual money almost from birth.  So it’s surprising to find that cash is still king with 84% of parents opting to give pocket money in cash.  

  • 84% opt for cash
  • 19% (one in five) pay it directly to their child’s bank account
  • 3% pay it via a pocket money app.

36% of parents said they give their children enough pocket money to enable them to understand the value of money and the benefits of saving

54% of parents say they believe their children are good at managing money

80% of parents say they feel their kids understand the value of money


Kids in the capital coin it in

Regionally, pocket money rates are highest in the capital, with children in Greater London receiving an average of £8.18. Kids in the Highlands get the highest rate outside London, with an average of £8.11 a week, while those in the South East of England receive the lowest average amount, at just £6.19.

Region

Average weekly pocket money

Greater London

£8.18

Scotland

£8.11

North West

£7.11

East and West Midlands

£7.01

Wales and West

£6.75

North East, Yorkshire and Humber

£6.36

South East and East England

£6.19

Greater London


Average weekly pocket money

£8.18

Scotland


Average weekly pocket money

£8.11

North West


Average weekly pocket money

£7.11

East and West Midlands


Average weekly pocket money

£7.01

Wales and West


Average weekly pocket money

£6.75

North East, Yorkshire and Humber


Average weekly pocket money

£6.36

South East and East England


Average weekly pocket money

£6.19


Earn it

Earning it can sound like a great way of teaching your kids about money management.  But surprisingly this method is less popular than expected with only a quarter of parents (28%) making their children earn their pocket money by doing housework and chores.

Pocket money can be used as a weapon with just half (51%) of parents saying they would stop giving pocket money as a way to punish bad behaviour.  This is on a par with grounding as one of the most commonly used ways parents try to keep behaviour in check.

 While almost a quarter of parents (22%) say they give their children as much pocket money as they can afford, nearly half (43%) say they don’t think their children actually need any pocket money at all. But it’s not just parents who are prepared to part with their pennies, as four in ten (39%) kids say they also receive pocket money from grandparents and other relatives.

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 *Latest ONS population estimates for children aged 5-14 = 7,846,832 x £7.04 (average amount of pocket money last year) = £55,241,697 pocket money 7,846,832 x £7.01 (average amount of pocket money this year) = £55,006,292 pocket money. Equates to a £235,405 reduction in pocket money

** Based on price of Surprise Glitter Tots series LOL dolls at John Lewis = £10.99 per doll.