24 June 2024 , 10:10
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More than half of parents who provide their children with pocket money have upped the amount to cope with the surging costs of goods and services, a new survey has found. The study, which surveyed 2,000 parents of kids aged eight to 16, found that 76% of parents hand out pocket money, with the average weekly sum being £9.33, according to Virgin Money.
Parents are keen on teaching their children about finances early on, with 61% highlighting the importance of learning about money and budgeting, while 58% believe it's crucial for their children to manage their own spending and appreciate the value of money. This research was published alongside the introduction of Virgin Money's new bank account for youngsters aged 11 to 17, named M Power.
Commenting on the findings, Graeme Sands, the head of personal banking at Virgin Money, said: "Our research found that 81% of parents want their child to save some of their allowance each week." Inflation figures from the Office for National Statistics (ONS) show that Consumer Prices Index (CPI) inflation dipped to 2% in May, down from 2.3% in April.
CPI inflation had previously hit the 2% target in July 2021 before soaring to a staggering 41-year peak of 11.1% in October 2022. The survey, conducted by OnePoll, took place in June and included 2,000 UK parents.