Independent Financial Life Planners Bishop's Stortford: Pocket money trends

Friday, 4 September 2015

Pocket money trends

The end of the summer holidays might find every parent wondering what’s going on with the amount of money the children seem to expect and be able to spend. Enable’s IFAs in Bishop’s Stortford note with interest that the average weekly pocket money has been growing faster than adult wages. Eight year-old children have apparently achieved faster "wage" growth than their parents, a 20-year survey of pocket money suggests, weekly allowances may have fallen in recent years, but children's £6.20-a-week pocket money has beaten adult wage growth since the survey began in 1987.

More than a thousand children are asked to reveal their allowances by the Halifax bank each year, it has carried out the research since 1987. Most of the children surveyed, aged between 8 and 15, said they had to complete household chores before they got their allowances but that figure has not been growing. Pocket money however is still 5p lower than it was a year ago, and 30p lower per week than in 2013. Some say this means that austerity is affecting children's wages, as well as their parents'. Jasmine Birtles, of Moneymagpie.co.uk, said: "I am rather pleased the pocket money index has fallen. "For many years it significantly outperformed inflation, and outperformed everything, even after the crash in 2008. I hope a bit of reality has finally been injected into pocket money."

Enable’s IFAs in Bishop’s Stortford believe that children are never too young to learn about the benefits of earning their pocket money and the benefits of learning to save early.

Issued by: Enable Independent Financial Life Planners  25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339  Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

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