Pocket money levels 'rising fast'

Children in Wales get the most cash

The amount of pocket money given to UK children has risen by four times the rate of inflation, a study suggests.

Youngsters receive an average of £8.37 a week - a rise of 7% on last year - according to the Halifax bank.

The research indicates about two thirds of all seven to 16 year olds get pocket money, with those in Wales receiving the most - an average £13.51 a week.

Those in the South West are given the lowest - £4.87 - while in Yorkshire and the Humber the average is £5.08.

In the east of England, the survey suggests the figure is only slightly higher, at £5.39 a week.

We are also beginning to see a generation of young consumers who are starting to take control of their own earning potential, spending and savings habits Cheryl Millington, Halifax bank

Parents in Aberystwyth questioned the amount of pocket money apparently handed to children in Wales.

Nick Price and Bethan Lewis, from nearby Aberaeron in Ceredigion, who have three daughters, a son and a foster son, said their children did not get pocket money.

"The children are given money if they want something or want to go somewhere, such as the cinema," said Mr Price.

"I not surprised at how much pocket money children receive in Wales or the rest of the UK. Times have changed."

Sales representative Michael Holmes and daughters Victoria, eight and Emily, six, from Swansea, were visiting Aberystwyth for the day.

Mr Holmes said: "Victoria receives £1.50 a week while Emily gets £1 a week.

"They both save, but if they do spend the money they usually buy books.

"I'm not surprised children receive more than £10 a week - that isn't a great deal in this day and age."

Inflation

Julie Connors' son Ross, six, spends his £1 a week pocket money on sweets.

Mr Price and Ms Lewis' family do not receive pocket money

Mrs Connors, from Aberystwyth, said she had nephews and nieces aged 12 and 13 who received £5 a week.

Cheryl Millington, head of savings at Halifax, said: "It appears that children are certainly getting a good deal when it comes to pocket money levels, which have increased well above the rate of inflation over the last year.

"However, many more children now have to do chores to earn their pocket money, as parents try to teach them the value of money.

"We are also beginning to see a generation of young consumers who are starting to take control of their own earning potential, spending and savings habits."

The survey found boys in the UK received more pocket money than girls - receiving averages of £8.62 and £8.13 a week respectively.

The Halifax said 55% of children had to earn their by doing jobs around the home, compared with just 15% last year.

The research was conducted by Dubit Ltd during February on 1,236 children aged seven to 16.