It’s a decision every parent has to make – do you give you child pocket money? And if so, how much?
The average amount given to British kids each week is £6.20, according to Halifax’s annual Pocket Money Survey.
That’s a 2.4% decrease on last year and 30p less than 2013’s six-year high of £6.50.
The number of children receiving pocket money has also fallen, dropping 4% since 2014, to 78%.
Halifax’s study, which examined the saving and spending habits of eight to 15-year-olds, found that boys (81%) are more likely to get a weekly allowance than girls (74%).
This particular gender gap is narrowing, though. Boys received 5% more than girls in 2014 but the figure now stands at 1.4%.
Where you live also has a bearing on how much pocket money you receive.
Children in London get an average of £7.65 – the largest weekly allowance – while youngsters in the West Midlands get the lowest amount, £5.45 a week.
The Pocket Money Survey reveals good saving habits among younger generation, with 70% of children saving at least some of their money and 10% saving all of it.
But despite learning good habits, 43% still ask for something expensive as a birthday or Christmas present rather than use their savings.
Halifax also found that 51% of children think they get the right amount of pocket money, while 41% believe they should receive more.
In terms of earning their allowance, 22% of boys and 19% of girls are expected to do chores around the house in return for pocket money.
Giles Martin, head of Halifax Savings said: “Giving pocket money is a great tool to help children understand the value of money and why it is important to save.
“With one in ten children now saving all their pocket money, and seven in 10 saving a least some of it, parents should be reassured by these positive behaviours, that if encouraged, could last into adulthood.
“A fall in the amount of pocket money children receive for the second year running shows the financial pressures that some households are still under, despite the improving economy.
“Nevertheless, parents will be pleased to know that on the whole, children are satisfied with the amount of money they receive.”