Pocket money on the rise

Piggy bank building up

Piggy bank building up

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South Yorkshire parents are more generous than many across the UK when it comes to pocket money, research reveals.

Across the UK, pocket money has hit a nine-year high with an extra 35p per week going into children's piggy banks, according to the annual pocket money survey by the Halifax.

Yorkshire and Humberside's average pocket money is £6.25, seven per cent up on last year.

Children aged between eight and 15 have seen their weekly allowance go up to £6.55 per week - a 6 per cent rise from the £6.20 in 2015.

As well as being the first rise since 2013, the new pocket money level is the highest since 2007 - the year the financial crisis began.

However, despite the rise, four in ten children are unhappy with their lot with almost a quarter (23 per cent) saying their friends are better ‘paid’.

And according to the survey, boys receive 77p more than girls per week - an average of £6.93 a week versus the £6.16 girls get.

The building society will also be pleased at at the savings habits of the nation’s youngsters. 79 per cent of those questioned are saving cash, compared with 70 per cent in 2015, with 12 per cent saving all of their pocket money. 90 per cent of parents said that they encourage their offspring to save some of their cash.

Regional pocket money amounts for comparison including percentage change on 2015:

London, £8.21, up 7.3 per cent

Scotland, £7.06, down 2.8 per cent

South East, £6.83, up 10.8 per cent

North West, £6.68, up 11.1 per cent

North East, £6.51, up 8.5 per cent

Wales, £6.44, up 4.4 per cent

South West, £6.36, up 13.6 per cent

West Midlands, £5.84, up 7.2 per cent

East Midlands, £5.33, down 5.5 per cent

East Anglia, £4.96, down 11.9 per cent