According to a recent survey carried out by Halifax, parents are brushing the dust off their wallets and loosening their purse strings to dish out more pocket money to their children.
Today, most children want and expect more than a couple of pounds to buy pick ‘n’ mix. They want money to go to the cinema, to download songs, to spend in town with their friends. It’s an expensive world we live in and during the recession parents everywhere were feeling the pinch when it came to providing an allowance for their children.
The survey in question has found that on average, allowances increased from £5.98 a week in 2012 to £6.50 a week this year, a rise of 8.8%.
Whilst this may seem but a small leap, financial experts believe it could be the latest economic indicator to suggest that the nation is gradually pulling out of the recession.
The survey also revealed that more than half of children believe they are given the right amount, whilst three out of four said they save some each week.
Regionally, children in London pocketed the highest allowance, receiving an average of £8.46 a week, while the lowest allowances were found in the south-west of England (£6.26 per week).
Halifax has been conducting pocket money surveys each year since 1987, and according to historic data the figures show that the children of today are far better off than those of previous generations. Twenty six years ago in 1987, a Cadbury Twirl would have set you back 22p. At the time, the average pocket money would have been enough to buy five bars. Today however, even with a Twirl now costing 65p, a child receiving the average weekly allowance could buy 10 bars every week.
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