57% of children think they should be bankrolled by their parents until their first job

The majority (57%) of UK children think they should be bankrolled by their parents until they get their first job, new research shows.

Over one in five (21%) children aged between eight and 15 also expect to receive pocket money until they reach the age of 18, according to research by Halifax.

However, the average age parents plan to stop paying pocket money is 17, with just 11% of parents cutting off pocket money at age 15 or younger.

Over half of UK children (55%) believe they should be given money by their parents without having to do anything in exchange, while 43% of parents think children should only receive pocket money if they do chores or help with housework.

The average amount of pocket money given to children in 2020 is £7.55 ($9.90), a decrease from £7.71 in 2019, Halifax’s report found.

Almost a third (31%) of parents feel that they worked much harder for their pocket money than their children do today, compared to just 3%, who felt it was the other way around.

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Tidying your bedroom is the most common chore demanded by parents in exchange for pocket money and the most popular items for children to spend their hard-earned cash on are books, magazines and sweets, according to a separate survey of more than 25,000 UK parents and children by Rooster Money.

Emma Abrahams, head of savings at Halifax, said: “The expectation gap between parents and kids over how long they can expect to receive pocket money may be a controversial family discussion this summer, especially when the average age of starting a first job is now 18.

“Although some children might feel short-changed about grafting harder than their parents to earn pocket money, the majority acknowledge that they are earning more than their mums and dads did back in their day, and the more traditional approach of cashing in on housework seems yet to go out of date.”