The valuable lessons parents can teach their kids when giving out pocket money
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Pocket money can help give children the building blocks for a financially fit future, according to an expert.
By Vicky Shaw
The new year means a new financial start – and for some parents this will involve starting to give their children regular pocket money and encouraging them into some good money habits along the way.
Parents are paying a weekly pocket money average of £9.62 per child, according to data from GoHenry, a debit card and financial education app for children and young people.
The weekly average ranges from £3.69 for six year olds to a peak of £17.89 for 16 year olds. Young people aged 18 receive slightly less, at £14.52, with some likely to be supplementing parental payouts with their own jobs.
The five most popular tasks in 2024 according to the data, were tidying the bedroom (£1.18 paid on average), putting away clothes (97p), making the bed (£1.25), doing homework (£1.42) and reading every day (£1.35).
But the highest-paid task in 2024 was babysitting, paying £5.32...
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