Pocket Money Rate Outstrips Parents' Pay

22 August 2015

Pocket money

Ah pocket money. It's a bone of major contention in my house. And no wonder, because new data suggests that the average amount of pocket money that kids get is rising quicker per year than the average adult's salary. Oh, to be a kid again.

The Telegraph reports:

Eight year-old children have achieved faster "wage" growth than their parents, a 20-year survey of pocket money suggests, which says parents now spend £6.20 on weekly allowances.

While Mum and Dad have seen average pay increase by 193pc since the late 1980s, children's pocket money increased from £1.13 a week to £6.20 - a 448pc rise.

Of course this story is a little bit tongue in cheek - the point is that if the average salary had achieved the same 'wage growth' as the cash that we give kids as pocket money has, we'd be seriously quids in.

Nonetheless, it got me thinking about how much modern kids get in pocket money. Call me a meanie-pants if you dare, but my brood don't actually get pocket money. I figure I fork out enough on regular treats, ice creams and packets of Match Attax stickers that my kids don't need pocket money on top of that.

Plus, and this is the real issue, I could never keep track of whether they'd had their pocket money docked for being cheeky. But maybe pocket money is more sacred than that in your house.

Do you dish out a set amount each week, and does your child have to 'earn' their pocket money? How does your kid fare in the pocket money stakes, compared to the national average of £6.20 a week?

More to the point, do you dock pocket money for bad behaviour?

We'd love to hear all about how pocket money happens in your house - leave us a comment below, or come and join in the discussion over on our Facebook page.

TOPICS:   Parents

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