Nov 15 2007
Parents in the UK give their children close to £29 billion each year, according to recent figures compiled by Abbey.
Many parents contribute to a child savings account in order to give their sons and daughters a solid financial start to life and Abbey has revealed that the average pocket money allowance is now worth around £12.12 per week.
The same research found that children in Yorkshire and Humberside tend to receive the largest suns in return for household chores, while parents in the West Midlands were found to be the least generous in this regard.
Steve Shore, head of banking at Abbey, said: "It's encouraging that most children are learning the value of money by having to earn their pocket money.
"It's also great to see that they're saving almost half of their pocket money each week."
The government recently announced its plans to see child trust funds used as way of engaging children to engage with financial issues in schools across the UK.
