By Jess Sharp, Money live reporter
Children are given 52% more pocket money than they were five years ago, data from GoHenry has found.
Parents are now paying an average of £9.62 a week to each child – but kids in some parts of the country get more than others.
The bank of mum and dad pays out most in London, with children getting an average of £12.80 a week, followed by Scotland, where they are handed £10.54 a week, the prepaid debit card company found.
Parents in the West Midlands were found to pay the least at £8.24 a week.
Unsurprisingly, it also varies based on the child’s age…
“It’s been really interesting to see how the amount of pocket money kids are earning has grown over the years,” Louise Hill, chief executive and co-founder of GoHenry, told Money.
“Our data shows a steady increase in weekly pocket money over the past five years, with a notable rise of £2.15 last year alone – that’s a 28% jump from 2023 to 2024.
“Looking at the bigger picture, the total increase over the last five years is even more striking, with kids now getting an extra £3.38 a week – that’s a 52% rise.”
In total, all children with a GoHenry account earned more than £280m in the last year.
They earned the most by babysitting, followed by looking after their pet dogs and mowing the lawn.
And, while they are earning more, they are also saving more, with £51m deposited in savings pots through the past year.
Looking at the data, kids’ weekly savings have steadily increased from £3.39 in 2020 to £4.08 in 2024.
“More and more parents are emphasising the importance of saving early, and kids seem to be becoming more aware of the value of putting money aside for future goals,” Hill said.
“This growing trend highlights how parents are starting to give their children more financial independence, and it’s great to see that many are focusing on teaching kids about money from a younger age.”
But, with pocket money growing, Hill said it’s important that parents teach their children how to manage it wisely.
Here are some of her top tips for making sure you are giving your children pocket money responsibly:
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Start early: Research from Cambridge University shows that children begin forming financial habits as young as age 7. Tailoring money lessons to their age – like explaining the four pillars of earning, saving, spending, and giving – can lay a strong foundation for their financial future.
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Make it routine: Whether it’s 5p or £5, establish a consistent pocket money habit by tying it to simple chores such as making their bed or emptying the dishwasher. The amount doesn’t need to be large; what’s important is giving kids the opportunity to manage and make decisions with their money, fostering confidence and independence.
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Teach budgeting basics: Start by explaining the difference between needs and wants. Help your kids learn to split their money into categories for spending and saving, setting up good habits for the future.
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Simplify saving: Make saving enjoyable by setting creative goals.
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Learn through spending: Turn everyday activities into valuable financial lessons. The next time you’re doing your weekly shop, involve your kids in making decisions and discussing purchases.
Last year, our live news reporter Bhvishya Patel explored where children were spending their money, and how families were factoring it in to their household budgets…
How much do you give your kids? Do you expect them to do chores before they get it? Let us know in the box at the top of the page.
