It’s official – pocket money’s on the decrease and kids are getting less from their folks than they have done for years. So has the recession finally hit the younger generation?
What’s the right amount of pocket money to give your child? It’s a tough one – give them too little and you won’t encourage them to save, too much and they don’t appreciate the value of money.
So how much does the average parent give? Halifax’s latest research suggests that most eight to fifteen year-olds get £5.89 a week. Sound like a lot? It’s actually dropped to below £6 a week for the first time since 2003, and back in 2005 lucky recipients cashed in on £8.37 a week.
Spend versus save
Is it a sign of our economic times, then, that parents are cutting back on hand-outs? Are children and teens the latest victim of the recession?
Maybe, but only last week we discussed how parents are spending an average of £438 on their kids’ gadgets each year. Your responses were mixed, but most thought it was over-the-top, with Sophie Gilbert saying, “We spend too much on children”.
Still, it seems today’s youngsters are clued-up when it comes to putting away a penny or two. They save around 37% of their pocket money each week – or an impressive £2.15.
The gender gap
But the most depressing part of this research for me is the fact that boys are paid 40p more on average than girls (down from a whopping £1.30 last year). Excuse me? Why do boys need more money than girls?
Could it be that boys aren’t as good at saving as girls – or do girls just have to get prepared for the real world where an unfair pay gap awaits them?
Either way, there are plenty of enterprising solutions the younger generation can use to save themselves from being skint. For me it was ironing for my mum, but washing cars, babysitting and dog walking could all help to supplement that plummeting pocket money. After all, it didn’t do Duncan Bannatyne any harm.
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