It’s common for parents to give their kids pocket money every week or month, but do millionaire children get the same treatment? Yes, they do!
We have surveyed more than 2,000 of our wealthiest customers to find out the average amount of pocket money they give to their children compared to other parents on an average UK salary of £29,009*.
The results show that children of millionaire parents receive £2,194.80 per month on average – equivalent to over 8,000 Freddo chocolate bars and 324,000 FIFA points.
Of the 2,552 parents surveyed, 89% said they give their children pocket money – also known as an allowance – on a regular basis.
When asked about the age at which their children first received an allowance, more than a third of parents (32%) selected six to eight years old, while 46% said they started giving pocket money between the ages of eight and ten.
The average allowance by age is as follows:
- 6-8 years old – £503
- 8-10 years old – £785
- 10-12 years old – £1,960
- 12-14 years old – £2,052
- 14-16 years old – £5,674
More than two thirds of parents (63%) claim to speak to their children regularly about the value of money and the importance of saving. When asked about the level of control parents have over their children’s spending, over a third (35%) said their kids are free to spend their money as they see fit.
Parents were also asked about the items their children spend the most money on. Technology, such as smartphones and other devices, was the most common spending category according to 37% of parents. A quarter (26%) of parents said their children spend the most money on designer clothing, 22% selected food and entertainment, and 15% said their kids spend the most on transport.
A recent report from Halifax** found that the overall average amount of pocket money the average child receives is now £7.01 per week. Children in greater London receive the highest average weekly amount of pocket money at £8.18, followed by Scotland at £8.11, while kids in the South East and East England receive £6.19 per week.
Aaron Harpin, HushHush.com founder, said,
“When it comes to pocket money, wealthier parents will obviously have more expendable income to give to their children compared to the average UK household. It makes sense that children of millionaire parents would receive a high amount of money per month, but it’s a bit of a shock when you look at these results compared to the average UK salary.
“These days, those with more money are choosing to display their wealth differently than previous generations did, and we’re sure to see this change even more with future generations. Let’s just hope these children are as good with their money as their parents!”