Pocket money 'cut for youngsters'

If parents are struggling to work out how to cope with impending spending cuts, they should ask their children.

British children have suffered a slump in their pocket money, according to research by the Halifax. The average weekly amount fell from £6.24 a week in 2009 to £5.89 a week this year, the bank's poll of eight to 15-year-olds found.The last time pocket money fell below £6 a week was in 2003, and it is now far lower than the £8.37 peak of 2005. 

"It is encouraging to see that children are still saving, despite the amount of pocket money falling," said Flavia Palacios Umana, head of savings products at Halifax.

"Teaching children how to manage their own pocket money is a great first step to building good financial awareness in our youngsters."


pocket money (mesada/ semanada)