Children in the UK are now bringing home £6.42 a week on average in pocket money, according to The NatWest Rooster Money Pocket Money Index.
And while it might not see much at a glance, over the course of the year this racks up to an impressive £333.84 – not too shabby, really.
Despite the ongoing cost of living crisis and everything being so much more expensive for parents right now, the study of over 125,000 children revealed kids’ average earnings actually increased 11% in the past year.
This meant their earnings outpaced inflation, which stands at 10.4% for the same period.
Six-year-olds saw the biggest pay rise, welcoming 34% year-on-year growth, meaning they took home around £3.94 weekly.
While many would expect pocket money to rise with age, 16-year-olds enjoyed the highest weekly pay cheque, at £12.75, while 17-year-olds took home a slightly lower £12.59.
Regular pocket money is less consistent
Despite the growth in earnings for the nation’s children, pocket money routines are becoming far less consistent, with 57% of kids receiving a regular allowance – down from 65% in 2021/22.
But it’s not all bad news for them. Instead of committing to fixed recurring payments, parents have indexed more heavily on one-off payments, using moments like special occasions and even good behaviour as opportunities to give them some extra dosh.
Kids are turning to side hustles to earn extra cash
Some entrepreneurial kids are turning to side hustles to keep up a steady stream of income – with those who do raising an average of £50.84 each outside of chores.
Average earnings for babysitting were £20.55, revenues from reselling possessions like clothes were around £26.26, and tutoring paid around £16.95 per job.
Chores can be lucrative too
The top-five most lucrative chores between 2022 and 2023 were:
- cleaning the car (£2.46 per-job average),
- helping with the shopping (£1.11),
- hoovering (£0.96),
- doing the laundry (£0.67)
- helping in the garden (£0.64).
Nearly half (47%) of parents made completing chores a condition of regular pocket money, but there was also a massive boom in ‘boosts’ – one-off payments kids receive as top-ups.
Reasons ranged from tooth fairy visits (£3.24), birthdays (£47.01) and good school results (£15.98) to simply doing homework (£6.76) or being well-behaved (£13.21).
Well at least we now know why we’re so broke.