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Pocket money falls to average of £6.35

CHILDREN are yet to experience the green shoots of economic recovery with their pocket money dropping 2.4 per cent from a six-year high to an average of £6.35.

The number of children receiving weekly pocket money has also declined by 2 per cent to 82 per cent since last year, according to the annual Halifax survey.

While almost half of the children surveyed (48 per cent) felt they received the right amount of pocket money, two-fifths (43 per cent) thought they should be getting more.

Some 84 per cent of boys received pocket money compared with 79 per cent of girls, and boys received 5 per cent more at an average of £6.50 - meaning girls missed out on almost £20 a year.

Boys were also 5 per cent more likely to want more pocket money than girls.

The poll also found pocket money for girls seemed to be more closely linked to carrying out chores.

Around three-quarters of children (72 per cent) were saving a proportion of their pocket money, with 49 per cent saving as much as half and 9 per cent saving all of it.

Richard Fearon, head of Halifax Savings, said: "Pocket money is a great tool to help young people learn the value of money, and to start the habits of saving and money management."

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