Half of children in this country use a piggy bank to save their money in. Only a third use a bank or building society. 6% entrust it to their parents to look after (ultra high risk investing, if you ask me!)
The Halifax carried out a survey of 1005 children between the ages of 7 and 16 to get an insight into pocket money, young earners and their saving habits.
According to the results, boys get more pocket money than girls. Boys average at just over £6 per week whilst girls are just short of £5.50 per week. Most of the children surveyed aged between 11 and 16 get £5 per week but 20% get £10.
Children in Scotland apparently get the most pocket money, averaging £6.28 per week. Of the 11 to 16 year olds, 25% of them have part-time jobs and earn approximately £27.31 per week.
At 16, almost two thirds have part-time jobs, earning around £42.20 per week. 20% of children surveyed own a mobile phone.
tip for you kids:
Putting money in piggy is easy to get hold of when needed. However, many banks and building societies offer interest to young savers with returns being tax free. Alternatively, if your parents are looking after it for you, you could ask them for some interest!
Parents: Contact us for a free fact sheet on Childrens Savings.