Amidst inflation, children in England now receive £333.84
Despite the financial crisis around the world and in the UK, I have British children New data showing that their benefits—known as “pocket money”—exceed both is heartening inflammation And their parents’ wages increased last year.
Compared to a year ago, allocations rose an average of 10.69% – higher than inflation, which is up 10.4% year-on-year in the period covered by NatWest Rooster Money’s pocket money index.
On average, children in England now earn £333.84 ($415.08) a year in pocket money, up £32.24 from the previous survey period.
On a weekly basis, the average is now £6.42, about $8, up about £0.62 from a year earlier.
Six-year-olds saw the biggest year-on-year increase, at 34.5%, more than three times inflation. They now earn £3.94 a week, up from £2.93 at the previous rate.
Only under-15s saw their pocket money fall by £0.52 to £9.72 a week.
However, over-ones earned more – 16-year-olds earned £12.75 a week, compared to an average of £12.59 for under-17s.
Cost of living crisis
Even so, the cost-of-living crisis is affecting pocket money, notes Will Carmichael, CEO and co-founder of NatWest Rooster Money.
“Family budgets are rising like never before and we saw fewer children receiving pocket money each week than in 2021/22,” Carmichael said in the report.
Annual NatWest Rooster Money Pocket Money Index based on data from 126,122 UK children collected between March 2022 and February 2023.
Pocket money is defined as normal allowances and extras for things like birthdays, bonuses for good grades and housework.
Pocket money extra
Birthdays provide the biggest boost at an average of £47.01, while good grades in exams or reports come second with a £15.98 reward, £1 less than the previous year.
Other common reasons for parents to increase their children’s allowance include good behaviour, their homework and reading, which adds just £3.24 to children’s income on average.
When it comes to household chores, cash rewards for five popular tasks range from £2.46 for cleaning the car to £0.64 for helping with the garden.
With pocket money, the report found that children earn extra money by reselling their clothes and toys, with the biggest boost – an average of £26.26.
Babysitting came in second as the amount of money earned from it increased significantly by 24%, while private tutoring came in third.
Savings and spending
Children don’t spend their money – on average they save 8% or £27.94 of their money each year.
According to NatWest Rooster Money calculations, all children aged 6 to 17 in the UK have a total of £265m.
“That’s enough to fund The Lego Movie (for four seasons) or buy 80,547,985 Happy Meals,” the report said.
Happy food makers McDonald’s is also one of the places kids want to spend their money, coming in fourth, followed by Apple in the lead, UK supermarket chains Tesco and Co-op second and third, and another supermarket chain Sainsbury’s in fifth.
Online spending declined on platforms including the PlayStation Network and Microsoft Xbox, falling to ninth and tenth place.
“Despite advances in things like toys, some things obviously don’t change,” Carmichael said. “Kids still flock to stores and newsagents, probably for the classic sweets, drinks and snacks that many of us remember when we were kids!”
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