Boys more likely to get pocket money than girls

THE thought of our weekly pocket money payout was something many of us eagerly anticipated as a child, whether we were stashing the money into our piggy banks or saving up for the latest must-have toy.

But new research suggests that the tradition is in decline.

Halifax, which has been tracking children’s pocket money levels since 1987, has found that in recent years, the proportion of children aged between eight and 15 who say they get a payment every week has been falling.

More than three-quarters of the 1,200 children surveyed in May 2015 said they do still get a weekly payment, but when similar research was conducted in 2014, this figure was 82 per cent - and the year before that, it was 84 per cent.

The average amount kids now receive each week is also on a downward trend; children say they typically receive £6.20 a week – but two years ago, it was £6.50.

This may well reflect the financial pinch that some families are feeling, despite the economy continuing to show signs of improvement.

Another finding revealed is a pocket money ‘gender gap’. Boys are more likely to receive pocket money than girls, with 81 per cent getting a weekly allowance compared with 74 per cent of girls. Girls also receive around 11p a week less than boys.

The findings have come just as a separate report from Prudential has found that it takes a woman around 19 years longer than a man to earn her first £1million. An average male worker will be aged around 50 by the time he’s earned a total of £1million during his working life, whereas a woman would need to work until she is 69.

But, at least according to Halifax’s research, the pocket money gender gap is getting narrower.

A year ago, girls had received about 35p a week less than boys, with boys getting £6.50 a week and girls receiving £6.15.

l Pocket money pays Weekly pocket money - no matter how big or how small - can be a great way of helping kids appreciate the value of money from an early age.

They can learn budgeting skills and set savings goals which could come in handy in later life, as well as appreciating what it is to ‘earn’ money.

Indeed, the Halifax research showed that today’s youngsters seem to be displaying some very canny behaviour with their cash, with seven in 10 saying they save at least some of it., and one in 10 claiming they put all of their money away.

l Where are children stashing their cash?

A traditional money box was found to be kids’ favourite place to store their money, followed by the bank, where at least they should be able to earn some interest on their nest eggs. One in eight say their parents look after their money for them.

l What are children doing to earn their pocket money?

The most popular pocket money-earning chores included tidying their bedroom (38 per cent), washing up (21 per cent), vacuuming (18 per cent) and doing their homework (15 per cent).