Children's pocket money is £800 a year

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The Independent Online

Children have a combined income of £7.2bn, raking in on average more than £800 a year in pocket money, bonuses for doing well at school, tooth-fairy presents and birthday presents.

Enterprising youngsters are adding to their unearned income by selling old toys on eBay, according to the Kid's Pay Audit commissioned by the Toonami children's channel.

The survey of more than 3,000 parents for the audit found that the going rate for pocket money for five- to seven-year-olds was £1.57 a week, rising to £2.52 for eight- to 10-year-olds. Tweenies - the golden age between 11 and 13 - receive £3.94 a week as a "basic wage", while 14- to 16-year-olds can expect an average of £7.08 - amounting to £369 a year.

Like City high-flyers, a range of bonuses and incentives can boost children's earnings.

Inflation has meant that a penny for the tooth fairy is a thing of the past, with the average rate now £1.24.

More than two-thirds of parents reward good behaviour with cash incentives, according to the audit. Good results at school - or even just improved ones - will net the average child an extra £17.63 a year. Performing odd jobs around the home boosts the average 12-year-old's "pay" by £1.67 a week.

Easter brings a cash bonus of £13.49, while Christmas involves another £81.16 in cash, in addition to presents, and birthday payments amount to £67.71.

Typical levies on transgressions such as untidy bedrooms, arguments with siblings and disobedience make a dent in their earnings of £2.10 a month, according to the survey.