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Pocket Money

It seems as though the kids of today are far better at wage negotiations than their parents, as figures show that the average pocket money amount went up last year by an inflation-busting seven per cent.

This increase of four-times the rate of inflation sees the average amount paid to children in the UK stand at £8.37 a week. Welsh children see the largest amounts, with the average paid to them being £13.51 a week on average, while those in the South West received £3.50 less at £4.87. It was the children living in London who saw the biggest increase, with their pocket money rising to £10.22 – a huge increase of 40% from 2003.

The figures show that overall boys received fifty pence more than girls, however in the age range of 12 to 16 it is the girls who were given the most money. Rather unsurprisingly children’s pocket money is largely spent on sweets and chocolate, however many now spend their money on mobile phone bills, keeping their pay-as-you-go mobiles topped up with credit.

It’s not all money and sweets for the children though, more and more children are having to earn their money by doing chores for their parents. Over half have some form of job to that they have to do before they receive their money, with parents keen to teach their kids the value of money rather than just handing it over without them having to earn it.

As indicated by the mobile phones, the spending habits of children are changing and over half of them now shop online for goods such as CDs and DVDs, and with increasing amounts of disposable income they are becoming more and more important to retailers.