A survey has revealed how much “pocket money” children receive from different family members – with dads being the most generous, dishing out more than £30 a month to their kids.
The study of 2,000 parents, with children aged six to 17, found that dads give out £7.70 a week – one pound more than mums, who cough up £6.70 weekly.
And maternal grandmothers also rank highly when it comes to generosity, parting with £5.20 each week.
At the other end of the scale, uncles are considered the least generous, giving just £4.70 a week – not far behind grandfathers on both sides of the family, who will offer up £4.80.
It means if children received the average amount from one of each relative each week, they could be earning as much as £43.70, or £2,272.40 a year – while those with multiple grandparents, aunties, and uncles could be earning far more than that sum.
Tara Massoudi, from Revolut, which commissioned the research as it rebrands its service designed for under 18s, said: “It’s interesting to see just how much parents and other relatives give to their loved ones.
“Parents want to teach children and teenagers about money management in the real world, and Revolut <18 can help young people be money-mindful.”
The research, carried out via OnePoll, revealed pocket money is increasing, with almost half (45 per cent) receiving a “pocket money pay rise” in 2022.
On average, children are receiving £14.20 more per month – or £170.40 over the course of the year.
Despite being given more money this year, an overwhelming 81 per cent of parents said their children would need to do more work or pick up chores to “earn” the pay rise they have been given.
And 88 per cent of parents who made their children carry out chores for money said they were strict when it came to enforcing this rule.
The poll also revealed the average age at which kids typically start being given chores is eight years old.
Learning key life skills (39 per cent), a good work ethic (36 per cent), and setting them up for life (34 per cent) were the top three reasons why parents felt it important to involve their children in housework.
Among the top chores were washing dishes (24 per cent), feeding the pets (23 per cent), watering the plants (22 per cent), and clearing the dinner table (21 per cent).
And when it comes to being given more money next year, it looks like the majority of children (58 per cent) are in for another bump in pay in 2023, too.
Tara Massoudi, from Revolut, added: “It’s only natural that parents want to instill a sense of hard-work in their children to teach them important life lessons, and also teach them about the value of money.
“That’s mirrored by our polling, which shows nearly nine in ten parents make their children do chores in order to earn their money.
“It’s important for young people to have the tools and family support to manage money safely.
“Revolut <18 comes with end-to-end security and instant notifications sent to the parent or guardian’s phone when the <18 card is used.”
HOW MUCH EACH FAMILY MEMBER GIVES THEIR CHILDREN A WEEK:
- Dads - £7.70
- Mums - £6.70
- Maternal grandmothers - £5.20
- Paternal grandmothers - £4.90
- Aunties - £4.90
- Maternal grandfathers - £4.80
- Paternal grandfathers - £4.80
- Uncles - £4.70
