![]() ![]() How much you choose to give is based on what you can afford and what you think is fair. Remember, these are averages and just a guideline. The amount given is less important than the purpose it serves. Here are 2021 weekly averages for the UK and it’s worth noting that whilst these figures are averages, pocket money enables children to learn about earning, saving and spending. Weekly average pocket money by age in the UKĪccording to GoHenry’s Youth Economy Report the average amount of weekly pocket money in the UK is £7.62 and the amount given generally rises with age. With online money apps, you can also amend payments, stop them altogether or pay extra at the click of a button. Apps like GoHenry enable you to set up scheduled payments so you don’t have to remember to keep exact amounts of cash at hand. The GoHenry Youth Economy Report highlights that the most popular day of the week for receiving pocket money is Friday followed by Saturday.īut when and how often you give pocket money is your decision to make. To help children get used to managing a budget, many parents find it's helpful to pay pocket money on a weekly basis. Just as adults organise their finances around payday, children too get used to managing their money when it’s paid regularly. Pocket money can be saved up in order to buy things that cost a larger sum of money such as big-ticket items like laptops, phones or bikes. It can be used by children to spend on items they need or want. It is often awarded by parents or grandparents. ![]() ![]() Pocket money has many pros and cons and is given for a variety of reasons. This really is the start of their money management journey and will help them learn lessons around budgeting, saving and spending responsibly.” “The simplest piece of advice” says Louise Hill, COO and Co-founder of GoHenry is to give your child some money, however little, so that they can make their own decisions about how to spend it. ![]() Is pocket money a reward for tasks you set or is it a regular allowance? Perhaps think about this before you consider anything else. Manage pocket money with GoHenry What is pocket money for? ![]()
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