How much pocket money should you have?

Parent & Teacher Guidance
How much pocket money should you have?

The latest Pocket Money research from a well-known high street bank, based on parents with children aged between 8 and 15, asked if they paid their children for doing (or not doing) certain activities and household chores. As well as steering their children away from digital devices such as phones, tablets and gaming machines, one in five (20%) of parents used pocket money as a way of getting their child to bed! 15% of parents gave pocket money if their child finished their homework!

Nearly two thirds (66%) of parents pay their children to help with household chores, even though 53% think they should be doing the chores regardless. 30% of parent said that they would be willing to withhold payment if the work was not completed to their standards.

The latest research from a leading high street bank reveals that:

  • 36% of children get pocket money for tidying their bedroom
  • 27% for cleaning
  • 27% for doing the washing up

Fun time!

After all the hard work and chores finished and with extra pennies in their pockets, children have many options available to them for their well-earned cash. Nearly half (42%) buy sweet treats with their pocket money, 31% use the money on gaming, and 30% on toys.

The vast majority of parents (93%) encourage their children to save their money, although half of parents (49%) also let their children download apps, or spend on music, film and TV-streaming services.

So how much pocket money are children getting on average?

This year, the average pocket money children got was £7.71, up from £7.01 in 2018. A quarter of parents (25%) believe the amount of money they give to their child is too much compared to just under half of children (43%) who think they should be getting more! How much do you get every week? Is it too much or too little?

Giles Martin, Head of Savings at Halifax said;

“With over 70% of children still using a piggy bank to save their pennies, the summer months can be great for kids to see how much they can earn or save by the time they go back to school.”

Percentage %
Percentage or % means 'out of 100'.
Interest is calculated as a percentage of a loan, paid to the lender for the privilege of using their money.
Average refers to the 'middle' or 'central' point.
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