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The 2020 British pocket money report

Pocket money is a great way to teach children about the value of money and managing finances. Contrary to what some youngsters may think, money really doesn't grow on trees!
 
The subject of pocket money can be a tricky one: as the nation's purse strings are tightening, children's expectations are growing. So, what’s happening behind closed doors when it comes to dishing out the dosh?
 
We surveyed 2,000 British parents to gain an insight into the state of pocket money in 2020…

The average British child is given £6 pocket money by their parents each week.

According to our survey, £6 is the average amount that British kids receive every week. That adds up to an annual £312.

The average British child starts to receive pocket money at the age of 7 years and 4 months.

The average British child will start raking in the money when they reach around 7 years old. If they get the average £6 per week, they could earn around £936 by the time they’re 10 years old and around £1,872 by the time they’re 13. That's if they resist splashing the cash, of course.

In comparison, the average British parent received just £2.30 pocket money each week when they were younger.

Compared to the average £6 a week that kids get today, their parents only received £2.30 – that's a whopping difference of £3.70 a week. Their yearly ‘income’ would have been around £119 compared to the £312 that the children of 2019/2020 benefit from.

9 in 10 British parents believe that children should be taught financial education in primary school.

As well as English, maths and science, what about real-life lessons being taught in schools?
 
9 in 10 British parents believe that financial education should begin in primary school. At present, financial education isn’t even included in all secondary school curriculums.

Methodology

We surveyed 2,000 British people using Maru/Usurv.

Brought to you by our Saving accounts experts.  

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