School kids chalk up £4,000 pocket money during school years!

Reporter:

admag reporter

PARENTS fork out more than £4,000 in pocket money during their children’s school years, according to research by budgeting account provider thinkmoney.

The research shows that pester power begins early with one in three pre-school children receiving some pocket money each week.

By the time a child reaches the age of four, 63 per cent receive regular pocket money. 

On average, parents, grandparents and other family members give four-year-olds £2.75 a week or £143 a year. 

As children move up to Key Stage 2 at age seven, the number receiving pocket money jumps to 87 per cent. These children receive on average £3.71 a week or £193 a year, the research shows.

Once a child is in high school, they experience a big jump in their weekly pocket money, from an average of £246 a year at 10 to £349 a year at 11.

Children get a further pay rise when they become teenagers with the average 13-year-old receiving £8.13 a week. 

By the time they reach 16, children typically receive more than £10 a week or £534 a year, reflecting their increasing independence and more active social lives. 

Still, the increasing cost of entertainment in Britain means this level of pocket money will typically fund one trip to the cinema with popcorn and a drink.

See full story in the Leader

Leave your comment

Share your opinions on

Characters left: 1500

Most Read