Pocket money: facts and figures

The average pocket money given to a child is either £6.50 or £5.75 a week, depending on whether you believe the kids or their parents.

Two rival surveys issued this week offer a glimpse inside the piggybanks of the nation’s youngsters, revealing what they do with their cash, which regions are home to the most, and least, generous parents … and whether kids think they get the right amount.

The Halifax survey, which came up with the £6.50 figure, was based on interviews with 1,296 children aged between eight and 15, while Aviva, behind the £5.75 figure, quizzed 1,496 parents. Here are some of the findings:

• 84% Proportion of eight- to 15-year-olds who receive weekly pocket money, up from 77% in 2012. (Halifax)

• 73% The proportion of parents who give their children pocket money. (Aviva)

• £6.67 v £6.32 The Halifax research appears to reveal a persistent sexism among parents, with girls once again receiving less pocket money than boys. Boys typically get £6.67 a week compared with £6.32 a week for girls, although the gap has closed slightly since last year. Girls are generally happier about what they get, Halifax says – 56% think they get the right amount compared to 51% of boys.

• 38% The proportion of girls who think they should get more pocket money. The equivalent figure for boys is 44%. (Halifax)

• 23% The proportion of parents who say their teenage offspring have a part-time job of some sort. (Aviva)

• 60% The proportion of children with no desire or need to work as parents continue to support them, giving them money “as long as they need it” (3%) or until they leave home (9%). (Aviva)

• 42% of children keep their pocket money in a bank or building society account. (Halifax)

• 75% save at least 25% of their pocket money. (Halifax)

• £7.60 The average amount that children in London receive each week (up from £7.34 in 2012), putting them ahead of every other region’s youngsters, according to the Halifax. Children in the south-west have suffered a hefty “pay cut”: last year they pocketed £5.89, but this year it’s £5.29. Youngsters in the north-east also saw their typical weekly amount fall, from £7.12 last year to £6.71.

• … or £13.12? The average weekly amount kids in London get according to Aviva. The gulf between the figures may be explained by the fact that Aviva says this is the average across all ages from five to 18. The average amount for a London child aged five to eight is £7.37, the insurer says, while for someone aged 16-18 it is £21.62.

It also says the West Midlands and the north-east rank second and third, with all-ages figures of £9.75 and £8 a week respectively. A child in Wales receives the least amount – just £4.95 a week on average.

• 8% The percentage of children who claim to manage their money online (Halifax). This figure has doubled in the past 12 months, with girls almost twice as likely than boys to say they do so (6% versus 10%).

• 22 A third of parents think this is the best age to become completely financially independent (Aviva). But some parents are trying to encourage financial independence by cutting the apron strings much earlier: 24% stop pocket money when their child reaches 16, 19% wait until they are 18, and 28% stop when they get a part-time job.

• £1.13 Average weekly pocket money in 1987, the first year of the Halifax survey.