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  1. ITV Report

Welsh children cash in with pocket money increase

Credit: PA

Welsh children are cashing in, receiving the highest weekly allowance in nine years.

According to this year’s annual Halifax Pocket Money Survey, Welsh children, between the ages of eight and fifteen, enjoy an average of £6.44 a week from their parents or guardians.

This is an increase of 27p on 2015's average and the highest since 2007.

4.4%
average increase in pocket money for Welsh children since 2015

Children in Wales might feel short changed, however, as the national average rises to £6.55 a week.

Counterparts in London and Scotland receive the highest weekly allowances, with parents or guardians dishing out £8.21 and £7.06 respectively.

Credit: PA

Halifax claim that the average weekly pocket money increases reflect a loosening in household purse strings.

It’s reassuring to see that the average weekly amount has reached a nine year high. Some parents are clearly not feeling the pinch in the same way as they have done in recent years, when weekly pocket money dipped as low as £5.89. It’s likely it’ll be a few more years until we reach the dizzy heights of £8.37 in 2005 though, when we saw the highest average pocket money since our records began.

– Giles Martin, Head of Halifax Savings

The survey also revealed that more children are saving their pocket money and boys receive 12% more than their female counterparts.

Of those surveyed, 79% claim to save some of their weekly allowance, up from 70% on the year before.