Pocket money goes through the roof

29 August 2013

child saving moneyDespite rising inflation, few of us (who don’t work in Parliament or for a bank) are getting payrises this year. However, there is one group who are getting a massive 8.6% increase on last year’s cash. Your children.

The annual Halifax pocket money survey has discovered that children are getting on average 52p more a week in pocket money, with  the average weekly amount up from £5.98 to £6.50. A week. Children in London are, unsurprisingly, the highest earners, getting a tidy £8.46 a week, and children in the South West can feel hardest done by, getting ‘just’ £6.26 a week.

Parents are also getting children ready for the real world early, making sure their sons earn more than their daughters*- the average wage for boys is £6.67 and girls just £6.32. Still, children are also victims of the banking crisis- back in 2005-2007 average pocket money topped £8. A week.

If proof was ever needed that this is way too much pocket money**, more than half of the children surveyed said they were happy with the amount they were given, and 42% of people surveyed by the bank Halifax said they kept their pocket money in a bank. Still, perhaps the 1,296 children surveyed by Halifax were all account holders.

To help you put this into perspective, in 1987, a Cadbury’s Twirl cost 22p. The average pocket money 26 years ago would have been enough for a child to buy five bars a week. Today, the same chocolate bar costs 65p, meaning children can now buy 10 bars a week, to shove into their plus-size school uniform pockets.

For the record, in 1987, my pocket money would have bought 13 Twirls. A month.

* actually there is UK data that suggests that female graduates actually earn more than male ones. Lies, damn lies and ...

**in case my children ever read this.

TOPICS:   Banking   Economy


  • Alexis
    Yawn. Halifax press release dreariness
  • Jack
    Your Twirl was probably twice the size though! Haha. But I get what you mean, that is a hella lotta pocket money. I remember in about 2001, I was about 10 years old, I got about £2.00 after much complaining through the summer.
  • fra
    Most unbelievable part of the article is that the author has children!

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment