Children aged six to 17 could collect up to £43.70 a week in “pocket money” from various family members – as a survey reveals just how much cash they receive from each relative.
Dads came out on top as the most generous family member, slipping their kids £7.70 per week – ahead of mums, who cough up £6.70 weekly.
Maternal grandmothers are the next highest givers after parents, parting with £5.20 each week.
And paternal grandmothers and aunties follow closely behind, both offering up £4.90 a week.
But at the bottom end of the scale, uncles are ranked as the least generous, paying up just £4.70 a week – not far behind grandfathers on both sides of the family, who give £4.80.
It means if children received the average amount from one of each relative each week, they could be earning as much as £43.70, or £2,272.40 a year – while those with multiple grandparents, aunties, and uncles could be earning far more than that sum.
(Image: RevolutU18)
Tara Massoudi, from Revolut, which commissioned the research as it rebrands its service designed for under 18s, said: “It’s interesting to see just how much parents and other relatives give to their loved ones.
“Parents want to teach children and teenagers about money management in the real world, and Revolut <18 can help young people be money-mindful.”
The research, carried out via OnePoll, revealed pocket money is increasing, with almost half (45%) receiving a “pocket money pay rise” in 2022.
On average, children are receiving £14.20 more per month – or £170.40 over the course of the year.
Despite being given more money this year, an overwhelming 81% of parents said their children would need to do more work or pick up chores to “earn” the pay rise they have been given.
And 88% of parents who made their children carry out chores for money said they were strict when it came to enforcing this rule.
(Image: RevolutU18)
The poll also revealed the average age at which kids typically start being given chores is eight years old.
Learning key life skills (39%), a good work ethic (36%), and setting them up for life (34%) were the top three reasons why parents felt it important to involve their children in housework.
Among the top chores were washing dishes (24%), feeding the pets (23%), watering the plants (22%), and clearing the dinner table (21%).
And when it comes to being given more money next year, it looks like the majority of children (58%) are in for another bump in pay in 2023, too.
Tara Massoudi, from Revolut, added: “It’s only natural that parents want to instill a sense of hard-work in their children to teach them important life lessons, and also teach them about the value of money.
“That’s mirrored by our polling, which shows nearly nine in ten parents make their children do chores in order to earn their money.
“It’s important for young people to have the tools and family support to manage money safely.
“Revolut <18 comes with end-to-end security and instant notifications sent to the parent or guardian’s phone when the <18 card is used.”
HOW MUCH EACH FAMILY MEMBER GIVES THEIR CHILDREN A WEEK:
- Dads – £7.70
- Mums – £6.70
- Maternal grandmothers – £5.20
- Paternal grandmothers – £4.90
- Aunties – £4.90
- Maternal grandfathers – £4.80
- Paternal grandfathers – £4.80
- Uncles – £4.70