Managing your finances is not exclusive to adults, with children around the world thinking carefully about what to do with their pocket money they save up in their kids’ bank account.
We looked at the average pocket money in the UK and conducted research to find out how children look after their money.
The average weekly pocket money for children in the UK is £7.11. This is based on the average pocket money given to children aged 4-17, but each parent makes a different decision on how much pocket money to give and what age to start the allowance.
It is no surprise that children earn more pocket money as they get older. The average pocket money per week for a 4-year-old starts at £3.21, while the average for a 17-year-old is £14.52.
Becoming a teenager also brings rewards, with the average pocket money going from £7.37 to £8.93 between the ages of 12 and 13. It reaches double figures at age 14 with an average of £10.67 a week.
| Age | Average pocket money |
|---|---|
| 4 | £3.21 |
| 5 | £3.24 |
| 6 | £3.65 |
| 7 | £3.86 |
| 8 | £4.10 |
| 9 | £4.45 |
| 10 | £4.99 |
| 11 | £5.84 |
| 12 | £7.37 |
| 13 | £8.93 |
| 14 | £10.67 |
| 15 | £11.34 |
| 16 | £13.32 |
| 17 | £14.52 |
Teaching kids that you have to earn money is important, which is why many parents reward their kids with pocket money for doing specific tasks. You can give your kids pocket money for a whole range of chores, including doing homework, tidying their room and feeding the pets.
According to research, kids can earn the most money for a single task if they vacuum (perhaps because the parents don’t want to do it). Brushing their teeth doesn’t earn kids too much, but for such an easy task, many will take advantage of the opportunity to get more money!
| Task | Pocket money per task |
|---|---|
| Put laundry away | £0.70 |
| Brush teeth | £0.70 |
| Get ready for school | £0.74 |
| Empty bins/recycling | £0.76 |
| Make bed | £0.81 |
| Load/empty dishwasher | £0.88 |
| Feed pets | £0.88 |
| Tidy room | £1.03 |
| Homework | £1.18 |
| Vacuuming | £1.20 |
Of the children who receive pocket money, 84% save at least some of it. However, our survey found that only 1 in 10 (10%) children save all their pocket money and 16% of children don’t save any. This shows there is still room for kids to learn the importance of saving.
22% of children said they save half of the pocket money they receive. Interestingly, a common response was that 17% of children save some money but don’t keep track of how much.
| Prediction | Percentage of children |
|---|---|
| I don't save any | 16% |
| Less than a quarter | 14% |
| A quarter | 13% |
| Half | 22% |
| Three-quarters | 10% |
| Some of it but I don't keep track | 17.14% |
| All of it | 9.72% |
With over 9 in 10 (92%) children receiving pocket money, there is a great opportunity for parents and schools to teach kids how to manage their money, including how debit cards work for kids.
Our survey found that 61% of children between 10-15 years old use a banking or pocket money app to manage their money. When the ages are broken down, teenagers aged 14 (71%) and 15 years old (68%) are the biggest users of money apps. This is followed in descending order by 13 years old (64%), 12 years old (57%), 11 years old (53%) and 10 years old (49%).
The most popular age for parents to start giving lessons about money is between the ages of 9 and 11 at 14%, followed by ages 5-8 with 13% of parents broaching the subject then. However, 13% of parents admit to not teaching their children about money at all!
| Age | Percentage |
|---|---|
| 1-4 | 6% |
| 5-8 | 13% |
| 9-11 | 14% |
| 12-14 | 8% |
| 15-17 | 5% |
| 18+ | 2% |
| Never | 13% |
When it comes to methods for teaching children about money, using real-life examples comes out top, with 49% of parents choosing this. Other popular choices include verbally sharing advice and opening a children’s bank account.
Although we are in a digital age, books are still more popular than online guides and videos when it comes to money lessons.
| Method | Percentage of parents |
|---|---|
| Real life examples | 49.00% |
| Traditional children's bank account | 44.00% |
| Sharing advice verbally | 44.00% |
| Kids’ pocket money app | 31.00% |
| Books | 20.00% |
| Online guides and videos | 15.00% |
Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806
If your child is aged between 6 and 18, the Bex card could be the first step to giving them some financial freedom.
Learn more about GoHenry and Starling Kite and find out which is the better prepaid card option for your child.
Monzo is getting in on the cards-for-kids action. And this one is free. Get ready to dish out the Monzos, mum-zos!
Support your child’s financial knowledge and teach them important real-life money skills in a safe and controlled way with a kids’ debit card.
Fast-track your child’s financial literacy by learning how to teach your kids about money.
We compare GoHenry and NatWest Rooster Money to see which is better for your child.
We compare GoHenry and nimbl to see which could work better for you and your child.
We compare GoHenry and HyperJar Kids to see which could work better for you and your child.
Rooster Money offers a colourful app to teach your kids about budgeting and makes a valid alternative to the traditional children’s current account.
With nimbl, children as young as 6 can use a card and manage their money through an app. We cover how it works, the fees, and the pros and cons for parents.