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

3 comments

  • 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?

Your comment