Parents dish out £360 a year in pocket money

teaching money maths

pocket money countingParents give each of their children an average of £360 a year in pocket money, a new survey has suggested.

According to Opinium Research, kids are acquiring an average of £7 per week from mum and dad.

In association with the charity Street Kids International UK, Opinium Research revealed the UK's pocket money habits. It found that in contrast to street children across the globe who have to work gruelling hours to survive, kids in the UK are splashing their cash on sweets, toys and electrical entertainments.

The research aims to highlight the struggle street children of the world face.

Philippa Frankl, Executive Director of Street Kids International UK, comments: "Children in the UK are very fortunate to receive pocket money so readily from their parents and to not need to always work in order to have any cash to spend."

But 84% of mums and dads who offer pocket money expect their children to 'earn' it in various ways, by doing household chores (66%) and their homework (38%).

The research found just over half of UK parents give their children pocket money. Some 67% with kids aged 7-10 give out pocket money, as do 74% of those with children aged 11-13.

If you're concerned that your children may be picking up their weekly 'earnings' a little easily, you could have a look at this guide on teaching kids the value of money, for some fresh ideas on how to tackle the thorny issue of pocket money.