Pick-up in pocket money rates may be key sign of recovery

Children and teenagers are receiving the most pocket money on average since 2007, in a further sign that families are starting to feel better about the economy.

The typical weekly amount being handed out to eight- to 15-year-olds by their parents and grandparents is £6.50, marking a 52 pence-a-week increase on a year ago, Halifax found.

There has also been a rise in the proportion of children receiving pocket money over the last year across Britain as households ease their purse strings, from 77 per cent in 2012 to 84 per cent.

Continuing a trend, boys receive more money from their parents than girls, at £6.67 as opposed to £6.32.

But girls are more accepting of what they receive. Just over one third (38 per cent) of girls think they should get more, compared with almost half (44 per cent) of boys.

Boys are also more likely to feel it is important to know how much cash their friends get, with 45 per cent saying this, compared with 40 per cent of girls.

At £8.46 on average, children in London pocket the most cash each week.