Pocket money 'survives credit crunch'
By myfinances.co.uk staff
Pocket money has not fallen victim to the credit crunch and recession, according to a new poll.
The survey of 3,000 parents by Engage Mutual found that 68 per cent give their kids pocket money. Only seven per cent said that they had cut it in the past year.
On average, mums and dads pay out £4.08 a week to their offspring, with 67% of children having to carry out chores around the house to get their reward.
Kids in Glasgow receive the most pocket money, typically getting £4.87 a week. They were ahead of youngsters in Newcastle (£4.67) and Cardiff (£4.65).
At the other end of the scale, children in Southampton (£2.69), Swansea (£3.04) and York (£3.07) received the lowest levels of weekly spending money.
The survey found that 65% of children nationwide save at least some of their pocket money every week.
Karl Elliot of Engage Mutual said: "From simple budgeting to the concept of work and reward, weekly pocket money can be a good springboard for children to learn some important life skills."
According to Halifax, children would need to receive average pocket money of £7.37 to cover the £383 they typically spend each year on technology such as computer games, mobile phones and online downloads.
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