Parents give children £403 a year in pocket money

New research by Confused.com has found that 66% currently give their child regular pocket money. A further 8% have done so in the past and 19% plan to start in the future.

Among parents who currently give or previously gave pocket money and provided an amount, the most common weekly payment is £5 to £9.99 (38%). More than one in five (21%) pay £10 or more, while 8% give less than £2.

According to the research, children start receiving pocket money at 7 and a half years old on average. More than half (53%) begin between the ages of 5 and 8, while around one in ten (9%) start before their fifth birthday.

When it comes to how parents are rewarding their children, pocket money remains mostly physical, with 66% of families using cash. But digital is catching up, with 34% using a children’s debit card or app and 32% paying into a children’s savings account.

For 55% of pocket-money families, some money is linked to chores and some is given regardless. A further 20% say their child earns all of it through chores, while 25% do not connect payments to household tasks at all.

Among parents who pay for each task, cleaning the car commands the highest average reward at £3.66. Gardening (£3.57) and helping with younger siblings (£3.52) follow, while making the bed earns the least at £2.60.

Teaching children to manage money is the main reason parents give pocket money (36%), followed by encouraging saving (27%). Spending independence (18%) and rewarding help around the house (16%) are less common motivations.

Sweets and snacks are the most common purchase, named by 58% of parents, followed by saving for a bigger purchase (47%) and toys (43%). Gaming (34%), books (28%) and clothes (25%) also feature.

Parents believe the benefits go beyond spending. Three-quarters (75%) think pocket money helps children learn to save, 67% say it teaches the value of money, and 67% point to responsibility.  Budgeting is selected by 61%, and 58% say pocket money supports better spending decisions.

Pocket money is a great way to help teach children about money. Children can start learning about money from as young as 3 through everyday activities such as playing shop, comparing prices and seeing how cash and cards are used.

Tara Evans, Personal Finance Editor at Confused.com, said “You don’t have to pay a lot of pocket money for it to still be a worthwhile lesson. Start with an affordable amount. If pocket money is linked to household tasks make sure you’re clear about what it covers.

“Younger children may find coins or labelled jars easier to understand, while older children might prefer an account or app. If you choose a children’s card or app, check any fees, age limits, parental controls and cash withdrawal rules first.

“The aim is not to make every decision for them. Agree a few boundaries, then let children make smaller choices themselves-even if they occasionally regret a purchase. Those low-stakes mistakes can be a valuable part of learning how to manage money.”

Measure	2026 benchmark
Average starting age	7.5 years
Average weekly pocket money	£7.75
Annual equivalent	£403
Most common weekly amount	£5–£9.99 (38%)
Paid weekly	64%
At least partly linked to chores	75%
Paid in cash	66%
Always or often encouraged to save	76%