Pocket money inflation exceeds parent wage hikes

 
Edith Hancock
Follow Edith
Not only are kids getting more pocket money, fewer are expected to work for it (Source: Getty)
Bad news for working parents: the average allowance for UK youngsters is growing at an unprecedented rate, and it’s even outstripping their parents’ wage growth this year.

Average pocket-money for eight-15 year olds has soared by 448 per cent in nearly 30 years, compared with just a 193 per cent increase in parents’ income over the same period.

Although it’s not all plain sailing for kids, as this year average allowances have dropped by 2.4 per cent to £6.20, while average worker’s wages have are up two per cent.

Not only are kids reaping the rewards of better wages more than the grown-ups earning them – fewer and fewer are even expected to work for their money.

According to a survey from Halifax, only 59 per cent of youngsters are expected to undertake chores in return for their allowance this year, down from 65 per cent in 2014. Bedroom tidying remains the most common task that children have to do.

The golden-age of pocket-money was the noughties, with eight-15 year olds earning an average of £8.37 per week. Things haven’t really recovered since the recession kicked off in the latter part of the decade, as allowances haven’t risen above £6.50 in 10 years.

Ever wary of taking sides on a debate about fair pay, Halifax Savings chief Giles Martin said: “Most parents are clearly very generous when it comes to how much pocket money they give their children.”

While most children's allowance is around the £6 mark, some 15 per cent of children surveyed get over a tenner a week.

How tidy are their rooms!?

▀ Who will have the privilege of a personal visit from Lord Mayor Alan Yarrow next month?

Thanks to City Giving Day, Alium Partners, NatWest, Euroclear, Societe Generale, Barclays, Jardine Lloyd Thompson, Lloyds Register, UBS and City A.M. headquarters will get the chance to show the Lord Mayor of the City of London the contribution they make to communities across the capital and beyond when he tours the Square Mile.

More than 150 companies, big and small, have signed up to City Giving Day to shout about and celebrate what they do to create a better society, highlighting London businesses work with charities in the capital and close to their staff’s hearts. Cakes will be baked, fancy dress costumes donned, banners flown (apparently) for the Mayor’s arrival at each City office.

Personally, we can’t wait for City A.M. managing director Lawson Muncaster’s charity abseil down the Lloyd’s of London building next month.

Related articles