Yahoo News What parents are spending on pocket money for their kids each month
Santander has disclosed that the average amount spent on children's pocket money is £55. As Christmas approaches and we move further from the summer months, it was found that UK children receive nearly £55 a month in pocket money on average.
A staggering nine out of 100 children receive over £150 a month while 18 per cent receive no pocket money at all. Men are found to give twice as much pocket money to their kids as women, according to the high street bank, which rivals Lloyds, NatWest, HSBC UK, Nationwide, Barclays among others.
The bank discovered that over £185 million is given each month in pocket money to children across the UK, averaging almost £55 a month per child. Santander is committed to enhancing financial education among adults and children and believes that pocket money can offer a valuable way for children to learn crucial financial literacy skills under their parents' guidance.
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Pocket money amounts also differ significantly by region, with parents in London giving on average £95.90 per month, compared to £27.10 in the East of England. Girls receive slightly more (£1.70 per month on average).
However, fathers are more likely to be generous, giving almost twice as much as mothers on average. Parents also tend to favour their own gender, with fathers giving on average £2.15 more to boys per month, and mothers giving £4.73 more to girls, reports Birmingham Live, reports the Manchester Evening News.
Mark Weston, Director of Financial Support at Santander UK, has highlighted the importance of financial education from a young age, saying: "Giving your kids a bit of pocket money and setting them the challenge of budgeting to pay for the things they want is a fun way to start to equip them with the money management skills they'll need later in life."
He further reinforced the bank's commitment to this cause, adding: "Financial education is a priority for us at Santander and know the impact a lack of financial literacy can have on people's lives."
