Posted by Aston Avery

Pocket money falls below £5 a week for first time in 20 years

Children across the UK are now getting less pocket money, as parents come up against the cost of living.

A third (32%) are altering how much they’re putting into their kids’ piggy banks each week.

The annual Pocket Money survey – which has been compiled by Halifax since 1987 – shows that weekly pocket money has dropped by 42% from £6.48 to £4.99 on average.

It’s the first time in 20 years pocket money for 8 –15-year-olds has fallen below a weekly average of £5.

Aston spoke to Emma Abrahams, head of savings at Halifax.

Photo by Colin Watts on Unsplash

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