British parents give their 11-18 year old children a total of £29 billion a year in pocket money, with a national average of £12.12 a week for each child, a survey by Abbey Current Accounts has found.
The richest children are those living in Yorkshire, where the weekly average is £16.33, compared to the poorest kids who get £10.33 in the West Midlands. After Yorkshire, the next financially luckiest children live in Scotland, the East Midlands and Greater London.
However, 88 per cent of children have to earn their pocket money by doing household chores – 73 per cent have to tidy their rooms in order to receive their weekly windfall, 65 per cent have to do the washing up, 49 per cent vacuum for their cash, walking the dog earns 24 per cent of children their sweet money, and 23 per cent wash the car in return for theirs.
Children admit to spending more than half of their allowance each week, but 46 per cent of it goes into a savings account. The most common commodity for children aged 13 and older to spend their money on is clothes, while those aged 11-12 spend the majority of their money on sweets and snacks.
The average child gets a parental pay increase twice a year, and fifty four per cent of the children asked said they understand the effect of inflation upon their pocket money.
Steve Shore, head of banking at Abbey, said: “Britain’s kids are certainly doing well in the pocket money stakes, especially those in Yorkshire where pocket money rates are at a premium. It’s encouraging that most children are learning the value of money by having to earn their pocket money. It’s also great to see that they’re saving almost half of their pocket money each week.”
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