Kids earned more than £274m in 2023, according to new data, with the average child now getting £8.35 per week in pocket money.
After weighing up the pros and cons of pocket money, not all parents decide to give it to their children, but those who do are paying close to £10 per week per child. That's according to new research from GoHenry, the prepaid debit card and financial education app for kids aged 6-18. If you want to move away from giving your children cash and use an app instead, we've rounded up the best pocket money apps to help you choose.
The new data, which is based on a sample of 739,660 active GoHenry members throughout the majority of 2023, shows that average pocket money values varies from £3.33 for six year olds, peaking at £15.78 for 15 year olds, then dropping slightly to £13.01 for 18 year olds.
