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British kids receive 6 pct pay rise in pocket money: survey

Xinhua, June 3, 2016 Adjust font size:

The amount of weekly pocket money parents give to their kids in Britain has risen to its highest level for nine years, a survey published Friday reveals. But boys are still given more than girls, the report shows.

According to this year's annual Pocket Money Survey from Halifax, one of Britain's leading banks, children on average receive 9.50 U.S. dollars a week from a parent or guardian, an increase of almost six percent compared to 2015.

Boys get significantly more pocket money than girls. On average, they receive 6.93 pounds (10.07 U.S. dollars), compared to the 6.16 pounds (8.95 U.S. dollars) girls get from their parents, meaning boys are over 12 percent better off.

Last year's difference between boys and girls was just two percent. Despite this, the Halifax say boys are more likely to think they should have more pocket money than girls.

Not since 2007 have children received more pocket money, which suggests a loosening of the family purse strings after almost a decade, says Halifax.

The number of children receiving pocket money has also increased by 3 percent in the last 12 months to four in five (81 percent).

Despite a pocket money pay rise, 42 percent of children believe they should receive more pocket money than they do, with 51 percent believing they receive the right amount of money.

Halifax spokeswoman Giles Martin said: "It's reassuring to see that the average weekly amount has reached a nine-year high. Some parents are clearly not feeling the pinch in the same way as they have done in recent years, when weekly pocket money dipped as low as 5.89 pounds (8.56 U.S. dollars).

"Pocket money is a great training tool in money management and a fantastic way of instilling a sense of the value of money from an early age. Getting children to set aside even just a small amount each week can help them to develop a strong savings habit that with serve them well through to adulthood."

The report also reveals kids in England's East Anglia get the least pocket money and have also seen the greatest cut in the last year. On average, children in the eastern counties of England receive 7.21 U.S.dollars per week, almost 12 percent less than in 2015. Children in London receive the most pocket money, at 8.21 pounds (11.93 U.S. dollars) a week. Endit