How much pocket money will children in UK get in 2022

Children in the UK will receive a pocket money wage increase this year, as the average weekly ‘wage’ is set to rise from £6.97 to £7.58 – almost double the rate of inflation.

New research from Barclays shows how much parents value their children lending around the house, with more than two-thirds (68 percent) rewarding them with pocket money. Children must prove they worked to earn that extra money, as the overwhelming majority (74 percent) of parents say pocket money wage increases are dependent on their child taking on more jobs around the house.

For discerning youngsters, it may be worth focusing on household chores such as washing the car, taking care of younger siblings and cleaning the bathroom, as these are set to pay the biggest – an average of £2.28, worth £2.27 and £1.85 respectively.

When it comes to breaking into the piggy bank, some things never change, as sweets and chocolate are the most popular ways for kids to spend their money (38 percent), followed by toys (33 percent) and video games (38 percent). 32 percent). Percent).

But what is changing is how parents withdraw money – while six in 10 opt for traditional cash-in-hand, nearly a quarter (22 percent) now give pocket money via bank transfer .

The good news is that there may be a generation of savvy savers on the horizon, as more than two-fifths (44 percent) of kids resist the temptation to spend their hard-earned money and opt to save instead. This has clearly affected their parents, as more than half (53 percent) say their child is good at managing their money.

Gillian Dooney, head of families at Barclays, said: “If your kids are happy doing their chores around the house, pocket money is a great way to teach them the value of money at an early age. Among the parents we surveyed Many said it was one of the biggest motivators behind giving their kids pocket money. It’s also a great way to help young people learn about the benefits of saving their extra cash – and the importance of patience. Saving to get what you really want. Plus, if the kids are ‘earning’ their money by completing household chores, you’re helping them build a strong work ethic.

“It’s never too early to start learning about money, and there are many useful resources available if you’re looking for more guidance on how to bring money education at home, such as Barclays Lifeskills, I hope the children of the country enjoy their pocket money wage increase in 2022 – it seems many of them have earned it! ,

Gillian shares her top tips for teaching financial literacy to kids from a young age:

  1. start pocket money young Our research found that most parents start giving their child something by the age of seven, which is the time for them to start learning about the value of money and how to accomplish a task or behave well. A great age to add to it as a reward. It’s never too early to get into that mindset and encourage kids to save their money for treatment.
  2. talk to them about money – Having an open conversation about how money helps cover the house you live in, the food you eat and the activities you do as a family will help your child understand that How money works in the adult world. It’s a good thing to try to make them understand the role of money in everyday life from an early age, and you can explain it in more detail as they get older. Hopefully this will stand them in good stead when they have to manage their finances.
  3. set up a home tuck shop – To provide additional real-world context, why not set up a tuck shop at home and give them a set amount of money to spend on snacks each week? By creating a menu with prices for each snack, such as 10p apples and 25p packets of crisps, they will need to think about how much they want to spend each day to make their money last. This can turn into a fun shopper game for the whole family.
  4. Teach them the difference between wanting something and needing something – Help them understand why sometimes you need to prioritize the things you need, like school shoes, over things that are the ‘good stuff’, like a new video game. This is a really important lesson so that they can begin to understand the importance of budgeting and prioritizing purchases. It also helps them learn about the benefits of saving, such as getting some of the things you want, as well as the items you need.
  5. Make savings more visible – Help them imagine how they can store their money by turning an old jar into a homemade piggy bank. Or for larger items, consider opening children’s savings account, and creating a visual plan with key milestones that they can track and tick along the way. Work together to choose something they want to save for and ask them how much they think will be needed. Once agreed upon, have your child theme their homemade piggy bank or scene plan around that item, for example if they are saving up for a new item of clothing it can be seen in pictures of clothing from magazines. to cover It’s a fun, quick and easy way to get kids excited about watching their savings grow.

To help guide parents, below is an analysis of the average price increase for each household chore, 2021 v 2022:

No.

household Homework

percentage increase

2021

2022

One

take out cans

14 percent

£1.41

£1.61

two

table setting / clearing

14 percent

£1.42

£1.62

3

make your bed

13 percent

£1.39

£1.57

4

getting ready and going to school on time

10 percent

£1.46

£1.61

5

gardening

10 percent

£1.63

£1.80

6

hoovering

10 percent

£1.62

£1.78

7

emptying the dishwasher

9 percent

£1.52

£1.65

8

doing the laundry

8 percent

£1.67

£1.81

9

pet Care

8 percent

£1.72

£1.85

10

help cook

7 percent

£1.80

£1.93

Eleven

cleaning their room

6 percent

£1.62

£1.72

12

do homework on time

6 percent

£1.57

£1.66

13

bathroom HYGIENE

2 percent

£1.91

£1.95

14

taking care of a younger brother

1 percent

£2.25

£2.27

fifteen

car washing

0.5 percent

£2.27

£2.28

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