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Aviva study shows how much pocket money children receive
9:31am Wednesday 28th August 2013 in News
ALMOST three-quarters of parents in the UK give their children pocket money, according to a survey by York-based Aviva.
The latest Aviva Family Finances Report reveals the average amount a child receives in pocket money, what control parents have over their child’s spending habits, and why parents encourage their children to take a part-time job.
The survey of 1,500 UK parents showed that 73 per cent give their children pocket money, with an average of £5.75 being paid per week (£23 a month).
The amount varies depending on the child’s age and where they live, and payments rise with age, but some parents (two per cent) refuse to set limits, giving their child “as much as they need.”
The study showed that:
• Three-quarters of parents pay pocket money, paying £5.75 on average per week
• A quarter (23 per cent) of teenagers have a part-time job • Five is the typical age for a child’s first savings account, with 37 per cent of youngsters having some savings
• One in ten parents continues to pay pocket money until child leaves home.
Regionally, London tops the charts paying the most pocket money across all age groups (an average of £13.12 per week). The West Midlands and the North East rank second and third, with £9.75 and £8 per week, respectively.
A child in Wales receives the least amount of pocket money with only £4.64 per week on average.
When it comes to parents with teenagers, one in five (23 per cent) say their teenager is working part-time every week to subsidise their cash.
Of those working, the majority of parents (70 per cent) have encouraged them to take on a part-time job for the money, while 55 per cent want them to get employment for personal benefits such as building confidence or giving them responsibility.
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