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Pocket money rises higher than inflation

Pocket money rises higher than inflation

Category: Savings

Updated: 12/02/2009
First Published: 11/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Over the last 21 years, pocket money received by children has increased by 419% according to Halifax. The number of children receiving pocket money has also increased from 71% (in 1987) to 82%.

With inflation over the same period being 106%, today's children are effectively four times better off than the previous generation. However this hasn't translated into more fiscally independent children. In 1987, children were focused on saving their pocket money, with the girls using savings for their holidays and the boys saving for sports. In 2008, 49% of children were not saving their pocket money for anything specific but would use the money on sweets and treats while turning to their parents to buy them other goods.

The average amount received by children reached a high in 2005 of £8.37 per week; however this figure has reduced over the last 3 years to £6.13 per week in 2008 giving children their first experience of colder financial climate.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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