Giving pocket money to children is a common way to teach them about money management and financial responsibility. But what is the average pocket money for children in the UK? Let's take a closer look.
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According to a survey conducted by RoosterMoney in 2021, the average weekly pocket money for children in the UK is £6.77. This amount varies by age group, with younger children receiving less and older children receiving more.
Age Group Breakdown
Here's a breakdown of the average pocket money by age group:
4-6 years old: £3.57 per week
7-9 years old: £4.71 per week
10-12 years old: £6.24 per week
13-15 years old: £9.58 per week
16-18 years old: £14.71 per week
It's important to note that these are average figures and the amount of pocket money a child receives can vary based on a number of factors, such as family income, cost of living in their area, and the child's responsibilities.
Factors That Affect Pocket Money Amounts
The amount of pocket money a family can afford to give will vary depending on their income. It's important to consider the family's budget when deciding how much pocket money to give.
Cost of Living
The cost of living can also vary depending on where you live. For example, the cost of living in London may be higher than in a smaller town. It's important to take this into account when deciding how much pocket money to give.
As we saw in the breakdown above, the amount of pocket money a child receives can vary based on their age. Younger children may receive less while older children may receive more.
A child's responsibilities, such as chores and homework, can also play a role in how much pocket money they receive. If a child is expected to do more around the house or has more schoolwork, they may receive a higher amount of pocket money.
Tips for Giving Pocket Money
Once you've decided on an appropriate amount of pocket money for your child, there are a few tips to keep in mind:
Consistency is key when it comes to giving pocket money. Try to give the same amount on a regular basis, such as weekly or monthly.
Encouraging your child to save a portion of their pocket money is a great way to teach them about budgeting and saving for the future. You could suggest setting a savings goal, such as saving for a special item or activity.
Setting some basic rules around pocket money can help to avoid misunderstandings or disagreements. For example, you could agree that the money can only be spent on certain things, like treats or toys, and not on unhealthy snacks.
Use It as a Teaching Tool
Pocket money can be a great teaching tool for children. You could use it to teach them about money management, such as budgeting, saving, and spending wisely.
In conclusion, the average pocket money for children in the UK is £6.77 per week, but this amount can vary based on a number of factors, such as family income, cost of living, and the child's age and responsibilities. Remember to use pocket money as an opportunity to teach your child about financial responsibility and healthy money habits.