British Parents Cut Pocket Money For Children During Pandemic

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British kids are receiving less pocket money this year than last as parents have tightened their belts through the pandemic.

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That’s according to a survey by the building society Halifax last month, which found that on average U.K. children were given 6.48 pounds ($9.03) a week, 14% less than a year ago. Almost a fifth of children were given no pocket money, and for a quarter, the amount varied depending on how much their parents could afford.

The findings coincide with a strain on household finances after a surge in unemployment and millions of workers shifted onto government furlough benefits as Covid-19 lockdowns shut big parts of the economy.

“The majority of parents have worried about money more due to the pandemic,” Emma Abrahams, head of savings at Halifax, said in a statement released Friday.

About a quarter of children received more than £20 ($23.03) a week. An industrious third took on new household chores such as gardening, looking after siblings or shopping for a vulnerable person. Many weren’t paid for that work.

– Bloomberg

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