Grown-ups aren’t the only ones feeling the global recession…

• Research shows that the average weekly allowance for kids aged 8 – 15 in the UK has fallen since 2009. This is the first time that the average allowance has fallen below £6 since 2003.
• The study also showed differences in allowance based on gender (boys scored 40 pence more than girls each week) and location (children from Wales made more than children in London, who made way more than children in the South West of England).
• Despite the cutback, British children are still saving almost 37% of their pocket money every week!

Facts & Figures

• In 2005, allowances peaked at about £8.37 per week, in 2009, the average was £6.24, and in 2010 it was down to £5.89
• Welsh kids take in £7.77 per week; children in the South West of England make £5.05
• Londoners saw the biggest loss this year – their allowances went down by almost £4 a week

Best Quote

“It is encouraging to see that children are still saving, despite the amount of pocket money falling.” – Flavia Palacios Umana, Head of Savings Products at Halifax

Tags: allowance, financial crisis, u.k