How much pocket money do UK kids get? Santander shares insights and parental guidance
Santander found UK children receive nearly £55 a month in pocket money on average - but warned parents that they must educate their kids
Santander has issued a £55 message to all parents, following the revelation of the average amount they spend on their children's pocket money. As we approach Christmas and move further away from the summer months, Santander discovered 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 children as women, according to the high street bank, which competes with Lloyds, NatWest, HSBC UK, Nationwide, Barclays and others.
The bank found 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 dedicated to improving 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.
Pocket money amounts also differ significantly by region, with parents in London giving an average of £95.90 per month, compared to just £27.10 in the East of England. Girls receive slightly more (£1.70 per month on average).
However, fathers tend to be more generous, giving almost twice as much as mothers on average. Parents also appear 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.
Mark Weston, Director of Financial Support at Santander UK, observed: "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 highlighted the importance of financial know-how: "Financial education is a priority for us at Santander and know the impact a lack of financial literacy can have on people's lives."
