Children believe parents should bankroll them until first job

Most children believe they should be bankrolled by their parents until their first job, according to new figures.

Research by Halifax revealed that 57% of children across the UK believe they should have an allowance until they start work themselves.

The bank said it had also found that 21% of children aged between eight and 15 expect to receive pocket money until they are 18.

However, the research also found that the average age parents plan to stop paying pocket money is 17, with 11% of parents stopping at age 15 or younger.

The average amount of pocket money given to children decreased to £7.55 this year from £7.71 in 2019, according to Halifax’s latest report.

Meanwhile, almost a third, 31%, of parents claim they worked much harder for their pocket money than their children, compared to just 3%, who felt it was the other way around.

The research also revealed that 43% of parents think children should only get pocket money if they do chores, whilst more than half of children, 55%, felt they should be given money.

Emma Abrahams, head of savings at Halifax, said: “The expectation gap between parents and kids over how long they can expect to receive pocket money may be a controversial family discussion this summer, especially when the average age of starting a first job is now 18.

“Although some children might feel short-changed about grafting harder than their parents to earn pocket money, the majority acknowledge that they are earning more than their mums and dads did back in their day, and the more traditional approach of cashing in on housework seems yet to go out of date.”

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