Industry News
Pocket Money up by 600 per cent
Posted on 23rd July 2007
Children are receiving 600 per cent more pocket money now than they were 20 years ago, according to a survey by Halifax.
The research revealed that children receive an average £8.01 per week in pocket money, seven times more than in 1987, when the average was £1.13 - an increase of six times the rate of inflation over the period.
Mike Regnier, head of savings at Halifax, said: "Part of the increase may be explained by changing tastes and technology.
"Whereas 20 years ago children spent their money on toys or saved towards things like holidays, nowadays children are likely to buy DVDs and mobile phones, which simply didn't exist in 1987."
Children in the south-east receive the most pocket money - an average of £10.43 per week - compared with the lowest amount, £5.70 per week given to children in the north-east, which is almost 29 per cent below the UK average.
Spending has also changed vastly since 1987, with sweets and drinks, going out, DVDs, mobile phones and clothes replacing Sylvanian Families, musical socks, Tomy toys and karaoke machines which were in demand 20 years ago.
The increase in spending power of children and teenagers and the kind of goods they purchase mean that the average teenager leaves the house with clothing, jewellery and electronic goods worth at least £768, making them targets for crime, according to research by Cornhill Direct.
The survey found that three in ten teenagers regularly lose or have stolen expensive items like mobile phones, MP3 players, watches, wallets and digital cameras.
Mark Bishop, spokesman for Cornhill Direct, said: "Young teenagers travelling alone are particularly vulnerable to thieves and muggers.
"Leaving the house wearing expensive jewellery and using an MP3 player might attract attention but not necessarily the sort a teenager is looking for in the shape of thieves and muggers."