A new Experian poll conducted by ComRes highlights how many parents give their children pocket money, how much they give on average, and their attitudes on financial education for their children.
The survey found that:
- Seven in ten parents of children aged 5-18 say they give their eldest child pocket money (70%). Of those parents who say they give their child pocket money, they are most likely to provide it on a weekly basis (59%).
- Among those parents who provide pocket money, half say the main reason for this is to help their child learn about and manage money independently (51%).
- More than one third of parents with a child aged 5-18 (37%) say they are at least somewhat concerned about their child’s future ability to manage their finances well when they become financially independent.
- The majority of parents (58%) say that they do try to take an active role in teaching your children how to manage money well.
- Of those parents who say they do not take an active role in teaching their children how to manage money, or do not take an active role as much as they would like, one third (36%) say that a lack of time to teach their child is a factor in this.