Children's pocket money outstrips parents' wage rises

Children's pocket money has increased at more than double the rate of their parents' wages

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Children’s pocket money has risen more than twice as fast as parents’ wages since the 1980s, research has revealed.

Youngsters aged between eight and 15 now receive an average of £6.35 a week from their cash-strapped parents, a figure that is 462 per cent higher than in 1987.

In the same period, the annual wages of those footing the pocket money bill have increased by just 188 per cent, from £11,648, in 1987 to £33,511 in 2014.

To earn their healthy cash pay-outs, two-thirds of children are expected to help out with the housework or other chores.

The most common tasks performed in exchange for pocket money were tidying up bedrooms, followed by washing up; although girls were found to be more likely to help around the house than boys.

Unsurprising, children living in London receive the highest amount of pocket money at £8.26 a week, while those in East Anglia receive the lowest at £5.15 a week.

The spending power of children has also grown significantly since 1987, when the average weekly pocket money could only buy five Cadbury’s Twirls, now it can buy 10.

Richard Fearon, head of Halifax Savings, which commissioned the research, said: "Understanding the value of money is one of life's great lessons.

"The fact that children are being taught the concept of how to earn money and the value of that money through pocket money is fantastic."

Additional reporting by PA