Listen: how much pocket money do you give your kids?

Less than a third (30%) of families now pay pocket money as part of a regular routine, down from 32% in 2022/23, and it now makes up just 14% of kids’ overall income on average.

For those that do pay a weekly allowance, the average pay out is down 3%, now sitting at £3.78 after another difficult year for family finances, which have been overshadowed by stubborn inflation and rising cost of living.

However, the findings from NatWest Rooster Money’s latest annual Pocket Money Index shows kids have proven their resourcefulness and determination, managing to increase their overall earnings substantially to £9.23 per week by adding new elements into the money mix in the form of extra chores, entrepreneurship and more.

Aston spoke to TV presenter & author Konnie Huq and Will Carmichael, CEO and founder of NatWest Rooster Money.

Photo by Colin Watts on Unsplash