British children have less jingle in their pockets

The amount of pocket money children
receive has fallen to a seven-year low, according to a survey.

The average child receives $9.16 a
week – the lowest level since 2003 – down from $9.70 in 2009, according to high
street bank Halifax.

Half as many are saving what they
receive compared with last year, it also found.

Penny pinching: Even children are
feeling the pinch as their pocket money shrinks

The sum is nearly $3.88 lower than
the $13.01 eight- to 15-year-olds received when pocket money levels peaked in
2005. Boys receive an average of $9.45 a week, 38p more than girls, but down on
the $10.70 they got last year.

Those aged 12 to 15 get $10.91, and
eight- to 11-year-olds get $7.10.

Only 23 per cent save at least half
their pocket money each week – down from 49 per cent last year – and 9 per cent
save all of it. But 29 per cent admit they do not save at all.

Flavia Palacios Umana, head of
savings products at Halifax, said: ‘Developing the habit of saving will stand
them in good stead in later life.’

Children in Wales receive the most
pocket money, at $12.08. Those in London get $10.71 – a drop of $6.22 since
last year. Children in the South West and East Anglia receive the least, at $7.85
and $8.13.

FEATPocketmoneySTORY

Even children are feeling the pinch as their pocket money shrinks
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