Engage Mutual find Glasgow Is Pocket Money Hotspot
Pocket money has not been a casualty of the credit crunch, and Glasgow takes top slot as the
UK’s pocket money hotspot.
(PRWEB) May 20, 2010 -- Pocket money has not been a casualty of the credit crunch, and Glasgow takes top slot
as the UK’s pocket money hotspot.
Despite the economic pressures faced by many families, a new study shows that most British parents have
maintained their commitment to pocket money. Children in Glasgow receive the most, being treated to an
average of £4.87 a week – which equates to an annual pot of £253.24.
Children here receive pocket money as early as age 4 – which means the savvy savers among them could have
piggy banks brimming with a total of £3,545.36 by the time they are 18.
In contrast, children in Southampton get £2.69 a week, or £139.88 over 12 months. Little ones residing in the
maritime town start getting pocket money from age 4, equating to a £1958.32 pocket money total to age 18 – but
this is £1,587 less than that received by children in Glasgow.
The poll of 3,000 UK parents1, conducted by Engage Mutual, shows 68 per cent give their children pocket
money and that most British parents haven’t reduced the amount they give, despite the credit crunch. Only seven
per cent stated they are giving less than last year.
On average mums and dads give £4.08 a week pocket money.
The survey shows the second luckiest children live in Newcastle, where they receive £4.67 a week or £242.84 a
In third place comes Cardiff – parents here treat their offspring to £4.65 a week, a yearly total of £241.80.
Sixty seven per cent of children have to work for their weekly money – doing chores such as making their bed,
vacuuming and dusting the house, or tidying their bedroom.
Most children (65 per cent) save some of their pocket money.
Karl Elliott at Engage Mutual said:
“Whether it is small but frequent additions to piggy banks, or regular, modest contributions to their child trust
fund, parents play