The Halifax Pocket Money Survey is released every year in the summer. Based on responses to questions from a TNS omnibus survey given to 1,296 children aged 8-15, it looks a pocket money averages across the country. It’s obviously of great interest to us at Roosterbank as something to benchmark our own findings on. It’s also something that the papers like to focus on as a gauge of economic health – which we will probably shy away from here!
How does the survey compare to the Roosterbank Pocket Money Index (PMI)?
The Halifax Pocket Money Survey is different to the Roosterbank PMI as we base our findings on a sample of users from Roosterbank itself. Halifax have traditionally given a higher average pocket money than the PMI, mainly because we take data from children and their parents between 3 and 14. There is also usually a step change between what parents give children under 14 and over 14 as the demands of school and teenage life kick in, which could skew the results for the sample as a whole.
Halifax claim that the national average for pocket money given in the UK is £6.50, up from £5.98. Interestingly we saw a slight decline in the amount of pocket money given in the last PMI we ran in July – dropping from £3.81 to £3.74 in the space of a quarter this year. We have also seen a growing trend towards parents asking their children to help around the house and complete additional jobs to ‘earn’ their pocket money. Something we actively encourage on Roosterbank but something many parents appear to be doing as a matter of course.
Difference in pocket money by region.
Perhaps the most interesting difference the Halifax survey has shown is in pocket money given by region. In London children are given more than anywhere else (£7.06), followed by children in the North West, while children in the South West are getting the least. Cost of living may well be something to do with this, as well as what kids are expected to spend things on. Children living in urban areas will have many more opportunities to use pocket money and therefore have a greater demand for it.
Differences in pocket money by gender.
Something that James has commented on in a previous post is the question of gender affecting the amount of pocket money given. Both this Halifax survey and several previous ones have put the spot light on gender. Our findings suggest that parents tend to be fair within a family and age and also what the child is required to cover with it determine the difference much more. One family with a daughter may give less than another family with a son but equally their personal circumstances, the way in which those children receive pocket money and what they are expected to cover with it, will all impact on the amount.
If you’re interested in reading more about the Halifax Survey, their press release can be found online. You can also check out the latest Roosterbank Pocket Money Index.