Nov 16 2005
British parents fork out up £3.3 billion a year in pocket money and other treats for their children, according to a new survey.
Research from Lincoln Financial found that children receive on average £4.20 a week but around half can then expect to get another £16.01 a month for extras such as clothes, sweets and entertainment.
Older children fare best in the pocket money stakes with 16-17 year-olds receiving around £6.50 a week. But those as young as three are also pocketing an average of £3.56 a week.
Around 139,000 parents also pay out more than £20 a month for their child's mobile phone bill and 760,000 also pay for their child's sports activities and other hobbies.
But some 5.8 million parents refuse to give their children pocket money and many also say they do not respond to demands for more cash. Three quarters of Britain's 16.2 million parents they do not pay out extra for any chores that their child does.
Ian Noble, Lincoln’s head of strategic partnerships, said it costs parents a lot to keep their children in the styles to which they accustomed.
"This shows the financial scale of pester power by children. Pocket money at £2.1 billion a year is a big enough commitment by parents but when you add in the one-offs and extras which seem to be needed every month it is a real surprise," he said.
© Adfero Ltd
