From Sky News: 2024-05-26 18:09:46

The pocket money children receive is declining, with only 30% of families paying it regularly. On average, kids get £3.78 a week, making up 14% of their income. They are now earning money through one-off chores, with amounts ranging from £5.68 for six-year-olds to £24.71 for 17-year-olds. Amazon, Tesco, and McDonald’s are the top places where children spend their money. Kids are increasingly learning financial independence and responsibility, with a saving rate of 9.5%. Some experts believe pocket money teaches valuable life skills, while others think it creates unhealthy associations with money. Different families have varying approaches, with some tying money to chores and others giving it unconditionally.



Read more at Sky News: Money blog: Top 10 places kids spend pocket money – as new data reveals going rate for 2024 | UK News