Will today's youngsters be learning about money using currency that is close to obsolete? Will parents have to find a new way of paying pocket money, or decide not to bother paying at all? Experts say that paying a small amount, however infrequently, can help youngsters learn about money and budgeting. It seems that the children themselves agree, especially if pocket money depends on completing chores.
Nine-year-old Yusuf says: "It is making you feel like when you are older and get a job - when you do stuff and get paid for it. Pocket money surveys rarely agree on the going rate for children's allowances.
The Halifax, part of Lloyds Banking Group, has been running such a survey since , which is one of the most well-established. Its latest findings suggested a wide range of average amounts in different parts of Britain. Others suggest the Halifax estimate of the typical weekly payment is rather high, but there is general agreement that cash is currently the preferred choice.
Research has suggested that money habits are set by the age of seven. At a meeting of head teachers and authorities on Wednesday, some will call for better financial education in primary schools.
Whatever children are taught at school, a few pennies at home - starting in cash - can go a long way, according to Sarah Porretta, of the government-backed but independent Money and Pensions Service. For those parents who no longer carry cash - just using payment cards and smartphones - the mother-of-two says: "The trick is to go and get some coins, just so your children have the opportunity to interact with them. If you are paying with a card or with a phone talk to children about that and link it back to those coins they have handled.
A growing band of pocket money smartphone apps suggest a different answer. Pocket money is changing. Pick 2 answers Pick 1 more answer Absolutely! You know your rights. Well done. Please share your own results, however big or small. They could inspire and help others!
Can you help us make it better? If you need help with your rights, please go to the People and places part of our site. Your rights - general. Which of these statements is true? There are nationally agreed rates for pocket money for children in care Children's homes are not allowed to fine children and young people Councils set pocket money rates for children in care Children and young people in prison are not allowed to buy anything. I am aged under 18 I am aged over If you give us permission to share your results, we will get in touch with you first.
We will never share your email or other private information. Single Accounts Corporate Solutions Universities. This statistic illustrates the average amount given to children as pocket money in the United Kingdom UK as of , by age. There is a clear correlation between a child's age and the amount they receive in pocket money, with children aged four collecting approximately one third as twelve year old's each week.
The highest paid chore for kids in the UK was mowing the lawn. Loading statistic Show source. Download for free You need to log in to download this statistic Register for free Already a member? Log in. Show detailed source information? Register for free Already a member? More information.
Other statistics on the topic. Financial Services Children receiving pocket money for household chores in the UK , by gender. Financial Services British parents: reasons for amount of pocket money as of Profit from additional features with an Employee Account.
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