- UK children receive nearly £55 a month in pocket money on average
- 9% of children receive over £150 a month
- Only 18% of children receive no pocket money at all
- Men give twice as much pocket money to their kids as women
New data from Santander shows that over £185 million1 is given each month in pocket money to children across the UK at an average of almost £55 a month per child. Santander is committed to improving financial education among adults and children2 and believes pocket money can provide a useful way for children to learn important financial literacy skills with guidance from their parents.
The data shows a large range in the amount of pocket money given. Almost one-in-ten children (9%) are given over £150 per month, compared to almost two-in-ten (18%) who receive nothing at all. Pocket money amounts also vary widely by region, with parents in London giving on average £95.90 per month, compared to £27.10 in the East of England.
Region | Average amount given, weekly |
London | £22.30 |
North East | £16.60 |
Scotland | £14.40 |
North West | £12.20 |
West Midlands | £10.70 |
Wales | £10.60 |
Yorkshire and Humberside | £8.90 |
East Midlands | £8.20 |
South West | £7.30 |
South East | £6.70 |
Northern Ireland | £6.40 |
East of England | £6.30 |
Whilst pocket money is split relatively evenly across gender, girls receive marginally more (£1.70 per month on average). However, fathers are more likely to be generous, giving almost twice as much as mothers on average. Parents are also seen to prioritise their own gender, with fathers giving on average £2.15 more to boys per month, and mothers giving £4.73 more to girls.
Despite the importance of financial education, parents still struggle with the confidence to teach their kids about money, with a quarter (26%) fearing their children will not be interested, and one-in-five (19%) feeling that they are not knowledgeable enough themselves to be able to teach their children.
Mark Weston, Director of Financial Support at Santander UK, said: “Giving your kids a bit of pocket money and setting them the challenge of budgeting to pay for the things they want is a fun way to start to equip them with the money management skills they’ll need later in life. Financial education is a priority for us at Santander and know the impact a lack of financial literacy can have on people’s lives.”
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Notes to editors
- Research conducted by Opinium Research amongst 4,000 UK adults between 7th and 21st May 2024.
- Santander UK and Twinkl have been working together since 2020 offering free, easy-to-access, curriculum-friendly learning materials through their highly successful The Numbers Game fronted by UK TV personalities Ant & Dec. Over 2.5 million 5 to 16 year olds, 100,000 educators and 8,300 schools have used these financial education resources since 2022. Find out more about The Numbers Game by Santander at www.twinkl.co.uk/santander
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2024, the bank had around 19,600 employees and serves around 14 million active customers, including 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC.LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Banco Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Banco Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.