Average Pocket Money in the UK Revealed in Halifax Survey

With so many jobs to do around the house and no time to do them because of the kids, some parents get their kids to help out. While doing a few chores around the place is no big thing, a survey from Halifax shows that around a quarter of all British parents hold back pocket money until these chores are completed, meaning that British kids are having to “sing for their supper”.

With half-term approaching, children will be thinking about having fun and enjoying themselves rather than getting jobs done around the house. But how much fun can you have with no money? The average pocket money in the UK is now £6.50 and a quarter of all UK parents are asking for chores in return for cash. The pocket money survey shows that fathers are often the hardest on their kids as 26% of fathers surveyed said that their kids have to work for their pocket money. Just 22% of mothers offer this type of performance related pocket money.

The survey showed that 7 out of 10 children are expected to carry out chores with no financial incentive attached, with tidying their own bedrooms the main job. It also showed that parents are quick to hold back pocket money for children due to bad behaviour. Just over 60% of parents agreed that their kids behaviour is the only reason they would consider cutting pocket money, with parents in the west of England and across Wales being the most likely to hold back pocket money to errant kids.

The head of Halifax Savings, Richard Fearon said, “Whether it's through hard work, good behaviour or simply by saving their pennies and spending them more wisely, it's great to see children getting first-hand experience of managing their own money, which will be of real benefit as they grow up.”

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