Kids’ pocket money increase is above inflation – but they have to work for it

According to new research, three-quarters of parents say their children must do chores to pocket extra cash. Washing the car is the best-paid chore, followed by looking after younger siblings

Pocket money will go up by even more than the current high inflation rate this year but most youngsters will have to earn it.

Parents say they will pay out an average of £7.58 per week in 2022, up from £6.97 – an increase of 8.75%. Inflation is currently 5.1%.

But three-quarters of mums and dads now say their children must do chores for the cash.

Washing the car is the best-paid job, bringing in an average of £2.28. Looking after younger siblings is worth a £2.27 top-up.

Cleaning the bathroom earns an average of £1.85, while setting/clearing the table and taking the bins out are worth £1.62 and £1.61 respectively.

Six in 10 kids get cash but almost a quarter have money transferred into bank accounts, the Barclays study found.

Four in 10 savvy kids save for a big-ticket item but one in five blow their loot straight away, with snacks top of the spending list. Toys, video games and clothes are also popular.

Gillean Dooney, head of families at Barclays UK, said: “If your kids are happy to do their bit around the house, pocket money is a really good way of teaching them the value of money at an early age.”

Most common chores to top up pocket money:

  1. Tidy room
  2. Make bed
  3. Do homework on time
  4. Wash dishes
  5. Look after pets
  6. Clear/set the dinner table
  7. Vacuum
  8. Take bins out
  9. Empty/load dishwasher
  10. Get ready for school on time.