Recession hits children's pockets too: UK survey

London: One in four parents has cut the amount of pocket money they give their children as a direct result of the recession a survey suggested Thursday.

The average child, aged between four and 15, gets £5.80(Dh32.74) pocket money a week, but 24 per cent of parents admit they have reduced the amount they give their children following the downturn, according to research by Tesco Bank.

The report, entitled Every Little Helpers, reveals youngsters also have to do more to help their cash-strapped families in return for a regular allowance.

Chores for cash

Seven out of 10 parents expect their children to help around the house in exchange for cash, from tidying their own rooms to mowing the lawn.

Around 38 per cent of children regularly save the money they receive, with 35 per cent having a savings account and 58 per cent keeping their money in a piggy bank.

Children in London get the most pocket money, at an average of £7.81 a week, followed by those in Swansea and Glasgow at £6.68 and £6.46 respectively.

At the other end of the scale, children in Wrexham receive only £2.50, while those in Chelmsford get £3.40.

Boys typically get more money than girls. They are more than twice as likely as girls to receive between 16 and 20 a week but they are also more likely to spend it in days.

The majority of parents surveyed said they have had the financial equivalent of the "birds and the bees" conversation with their offspring, discussing the importance of saving for the future.