Is the pocket money you give your child more or less than the national average? Use our Pocket Money Savings tool to compare your child’s allowance with the rest of the UK and discover the average amount they should receive for completing household chores.
How much should you be paying your child for household chores? Are you overpaying or underpaying them for doing the washing up? And how much should it cost to have your child mow the lawn or put away the shopping?
If you use our Pocket Money Saving Tool you can compare your child’s pocket money allowance with the rest of the UK. You can also choose, with your child, which household tasks they can do and find out the average amount they should be given in pocket money for completing them.
We surveyed the nation to see if children think they are being short changed on their pocket money by mum and dad. Our research uncovered the following:
Children in the UK claim they won’t get out of bed for less than £600 a year- that’s £50 a month!
Kids are reportedly being paid just 25% the going rate for washing up the dishes
Demanding offspring want almost as much as a professional to wash the car
Currently, the average UK child gets £28 a month pocket money
1 in 5 parents pay their kids between £10 - £20 per week
A third of parents don’t ask their kids to do any chores in exchange for pocket money
22% of kids don’t get any pocket money at all
In this challenging environment, many are prioritising getting their finances in the best shape possible.
The best way to do so is to open a savings account and put money away money where possible. To discover the best savings accounts for yourself or compare the best children's savings account for your family, visit money.co.uk's savings account hub.
Help stretch your budget a little further by making the most of your savings.
We interviewed 2000 parents and their children aged 6-15 asking them what are the most common pocket money tasks for their household. We also asked how much parents would be willing to pay per task and how much children would be demanding per task, to give us an average value of pocket money chores across the nation.