New research suggests so…
A survey of a wide range of UK parents with children aged 6 to 17 has revealed just how much money different relatives gift to their loved ones. In total, dads give out £7.70 per week, closely followed by mums who give their children £6.70.
Outside of the parents, maternal grandmothers are the next biggest givers, parting ways with £5.20 weekly. Paternal grandmothers and aunties follow closely behind, both offering up £4.90 per week, while both grandfathers on both sides of the family cough up £4.80.
In last place were uncles who gave £4.70 a week.
It means if children received the average amount from one of each relative each week, they could be earning as much as £43.70 – or £2,272.40 a year – while those with multiple grandparents, aunties and uncles could be earning far more than that sum.
Tara Massoudi, from Revolut, which commissioned the research as it rebrands its service designed for under 18s “It’s interesting to see just how much parents and other relatives give to their loved ones. Parents want to teach children and teenagers about money management in the real world, and Revolut <18 can help young people be money-mindful.”
The research, carried out by OnePoll, revealed pocket money is increasing, with almost half (45 per cent) receiving a ‘pocket money pay rise’ in 2022.
On average, children are receiving £14.20 more per month – or £170.40 over the course of the year. Despite being given more money this year, an overwhelming 81 per cent of parents said their children would need to do more work or pick up chores to ‘earn’ the pay rise they have been given.
And 88 per cent of parents who made their children carry out chores for money said they were strict when it came to enforcing this rule. Polling also revealed the average age which kids typically start being given chores is eight years old.
Learning key life skills (39 per cent), a good work ethic (36 per cent) and setting them up for life (34 per cent) were the top three reasons why parents felt it important to involve their children in housework.
Among the top chores were washing dishes (24 per cent), feeding the pets (23 per cent), watering the plants (22 per cent) and clearing the dinner table (21 per cent). When it comes to being given more money next year, it looks like the majority of children (58 per cent) are in for another bump in pay in 2023, too.
Tara Massoudi, from Revolut, added: “It’s only natural that parents want to instill a sense of hard-work in their children to teach them important life lessons, and also teach them about the value of money.”
