Market News
British Parents Cut Pocket Money for Children During Pandemic - BLOOMBERG
British kids are receiving less pocket money this year than last as parents have tightened their belts through the pandemic.
Wealth For You
Help us deliver more relevant content for you by telling us about yourself. Answer 3 questions to tailor your experience.
That’s according to a survey by the building society Halifax last month, which found that on average U.K. children were given 6.48 pounds ($9.03) a week, 14% less than a year ago. Almost a fifth of children were given no pocket money, and for a quarter, the amount varied depending on how much their parents could afford.
The findings coincide with a strain on household finances after a surge in unemployment and millions of workers shifted onto government furlough benefits as Covid-19 lockdowns shut big parts of the economy.
“The majority of parents have worried about money more due to the pandemic,” Emma Abrahams, head of savings at Halifax, said in a statement released Friday.
About a quarter of children received more than £20 ($23.03) a week. An industrious third took on new household chores such as gardening, looking after siblings or shopping for a vulnerable person. Many weren’t paid for that work.
