How much pocket money do kids in the UK get?

Discover the latest pocket money statistics and see how children look after their money.

Managing your finances is not exclusive to adults, with kids around the world thinking carefully about what to do with their pocket money.

We looked at the average pocket money in the UK and conducted research to find out how children look after their money.

Quick overview

  • The average weekly pocket money for children in the UK is £7.11.
  • 9 in 10 (92%) children receive pocket money.
  • 84% of children save at least some of the pocket money they receive.
  • 3 in 5 (61%) children in the UK use an app to manage their money.
  • 1 in 8 (13%) parents admit to never teaching their children about money.

What is the average pocket money in the UK?

The average weekly pocket money for children in the UK is £7.11. This is based on the average pocket money given to children aged 4-17, but each parent makes a different decision on how much pocket money to give and what age to start the allowance.

What is the average pocket money by age in the UK?

It is no surprise that children earn more pocket money as they get older. The average pocket money per week for a 4-year-old starts at £3.21, while the average for a 17-year-old is £14.52.

Becoming a teenager also brings rewards, with the average pocket money going from £7.37 to £8.93 between the ages of 12 and 13. It reaches double figures at age 14 with an average of £10.67 a week.

Age Average pocket money
4 £3.21
5 £3.24
6 £3.65
7 £3.86
8 £4.10
9 £4.45
10 £4.99
11 £5.84
12 £7.37
13 £8.93
14 £10.67
15 £11.34
16 £13.32
17 £14.52

What chores do children get pocket money for?

Teaching kids that you have to earn money is important, which is why many parents reward their kids with pocket money for doing specific tasks. You can give your kids pocket money for a whole range of chores, including doing homework, tidying their room and feeding the pets.

According to research, kids can earn the most money for a single task if they vacuum (perhaps because the parents don’t want to do it). Brushing their teeth doesn’t earn kids too much, but for such an easy task, many will take advantage of the opportunity to get more money!

Task Pocket money per task
Put laundry away £0.70
Brush teeth £0.70
Get ready for school £0.74
Empty bins/recycling £0.76
Make bed £0.81
Load/empty dishwasher £0.88
Feed pets £0.88
Tidy room £1.03
Homework £1.18
Vacuuming £1.20

How much do children save from their pocket money?

Of the children who receive pocket money, 84% save at least some of it. However, our survey found that only 1 in 10 (10%) children save all their pocket money and 16% of children don’t save any. This shows there is still room for kids to learn the importance of saving.

22% of children said they save half of the pocket money they receive. Interestingly, a common response was that 17% of children save some money but don’t keep track of how much.

Prediction Percentage of children
I don't save any 16%
Less than a quarter 14%
A quarter 13%
Half 22%
Three-quarters 10%
Some of it but I don't keep track 17.14%
All of it 9.72%

How do children manage their money?

With over 9 in 10 (92%) children receiving pocket money, there is a great opportunity for parents and schools to teach kids how to manage their money, including how debit cards work for kids.

Our survey found that 61% of children between 10-15 years old use a banking or pocket money app to manage their money. When the ages are broken down, teenagers aged 14 (71%) and 15 years old (68%) are the biggest users of money apps. This is followed in descending order by 13 years old (64%), 12 years old (57%), 11 years old (53%) and 10 years old (49%).

When do parents start teaching their children about money?

The most popular age for parents to start giving lessons about money is between the ages of 9 and 11 at 14%, followed by ages 5-8 with 13% of parents broaching the subject then. However, 13% of parents admit to not teaching their children about money at all!

Age Percentage
1-4 6%
5-8 13%
9-11 14%
12-14 8%
15-17 5%
18+ 2%
Never 13%

How do parents teach children about money?

When it comes to methods for teaching children about money, using real-life examples comes out top, with 49% of parents choosing this. Other popular choices include verbally sharing advice and opening a children’s bank account.

Although we are in a digital age, books are still more popular than online guides and videos when it comes to money lessons.

Method Percentage of parents
Real life examples 49.00%
Traditional children's bank account 44.00%
Sharing advice verbally 44.00%
Kids’ pocket money app 31.00%
Books 20.00%
Online guides and videos 15.00%

Methodology and sources used

  • Finder commissioned CensusWide on 13–16 July 2021 to carry out a nationally representative survey of children aged between 10-15.
  • A total of 1,000 children were questioned throughout Great Britain, with representative quotas for gender, age and region.
  • Survey by Halifax, June 2022.
  • GoHenry Youth Economy Report 2022.

For all media enquiries, please contact

Matt Mckenna
UK communications manager
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2
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Publisher

Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio

Matthew's expertise
Matthew has written 244 Finder guides across topics including:
  • Helping first-time buyers apply for a mortgage
  • Comparing bank accounts and highlighting useful features
  • Publishing easy-to-understand guides

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