Pocket power: British kids pocket £29 billion annually

British children receive a colossal £29 billion in pocket money each year, according to research amongst the country’s 11-18 year olds undertaken by Abbey Current Accounts.

Whilst the average child receives £12.22 each, kids in Yorkshire are the nations’ undisputed pocket money princes and princesses - raking in an average of £16.33 each week from generous parents. That’s more than four pounds over the national average and six pounds more than the lowest average pocket money rate of £10.33 received by children in the West Midlands.

Encouragingly, 88 per cent of children have to earn their pocket money. Tidying their bedroom was the most common task cited by 73 per cent followed by washing dishes (65 per cent), vacuuming (49 per cent), walking the dog (24 per cent) and cleaning the car (23 per cent).

Children surveyed admitted that they spend around 54% of their pocket money each week. Clothes were the most commonly brought item by children over 13 and above, while 11 and 12 year olds prefer to spend their pocket money on sweets and snacks. Encouragingly 46% of their pocket money goes into savings.

Fifty four per cent of children surveyed said they understand the effect of inflation on their pocket money and the average British child receives a pocket money increase twice a year.

Steve Shore, Head of Banking at Abbey, commented: “Britain’s kids are certainly doing well in the pocket money stakes, especially those in Yorkshire where pocket money rates are at a premium. It’s encouraging that most children are learning the value of money by having to earn their pocket money. It’s also great to see that they’re saving almost half of their pocket money each week.”

To help kids make the most of their hard earned pocket money, Abbey has two current accounts for young people, one for those aged 11-15 years old and another for those aged 16-18 years old.