Pocket money soars

money in pocketYoung generation give a lesson in money management

A classic feature of most childhoods, every youth looks forward to that day each week when you receive your pocket money. It’s a time when your finances are rejuvenated and you are free to spend your money as you wish. The only snag that comes in the setup is that day when you pluck up the courage to ask for more and are coldly rebuffed by your bemused parents.

However a recent survey conducted for the Halifax has shown that the average pocket has risen from £5.98 in 2012 to £6.50 in 2013 representing an increase of 8.6% for the year. This still represents a decrease from the £8 a week children received on average between 2005-2007 but is nonetheless the largest increase witnessed in a while.

The survey has been heralded as another indicator that the country’s economy is steadily improving as parents are starting to become more willing to part with money again.

It has also highlighted that there seems to be a consistent pattern of sexism amongst parents, with girls receiving less than their male counterparts. Boys get on average £6.67 a week whilst girls only receive £6.32.

Despite this, data indicates that girls are actually more content with the amount they receive whilst more boys ask for raises in their pocket money. Girls are also reportedly superior at managing their money whilst boys are more likely to fritter their money away quickly.

The study also identifies that over 50% of children stated they were happy with how much pocket money they received and even more shockingly over 75% said they saved a large portion of what they got. A massive 42% said that they saved their cash away into a bank or building society account though the legitimacy of this statistic is questionable considering that the survey was conducted on behalf of a bank.

Kids in London have been shown to receive the largest amount of average pocket money, totalling £8.46, whilst Britain’s tightest parents have been shown to be those in the South west of England who only grants their kids £6.26 a week on average.

The survey has been conducted yearly since its inauguration in 1987, and an evaluation of all of the figures has suggested that children today have far more spending power than they did almost 20 years ago.

The average chocolate bar price was lower back in 1987 than it is now, but children today can afford to buy a larger quantity than they could back then.

The figures reflect positively on the youth of today and illustrates that they are learning to manage their money in a time where the importance of this is paramount. Considering the plethora of debt across the country right now, the statistic represents a remarkable achievement on the part of children across the UK.