A survey has revealed that over half (54%) of parents who dish out pocket money to their children have increased what they pay due to the rising costs of goods and services.
It turns out that 76% of parents are handing out pocket money, based on a poll of 2,000 parents with children aged between eight and 16-years-old. Kids are now pocketing an average of £9.33 a week, according to the research commissioned by Virgin Money.
Parents are keen on teaching their offspring about money matters, with 61% giving cash to help their child learn about money and budgeting early on, while 58% want their youngsters to get a grip on their own spending and appreciate the value of cash.
The findings of the study are timed to coincide with Virgin Money's launch of a fresh bank account aimed at 11 to 17-year-olds, called M Power. Virgin Money's personal banking chief, Graeme Sands, commented: "Our research found that 81% of parents want their child to save some of their allowance each week."
Inflation, as measured by the Consumer Prices Index (CPI), took a dip to 2% in May, down from April's 2.3%, the latest figures from the Office for National Statistics (ONS) show. The last time CPI inflation hit the 2% was back in July 2021, before it soared to a 41-year peak of 11.1% in October 2022. The survey, conducted by OnePoll, questioned 2,000 UK parents in June.
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