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Parents `cut pocket money to curb debts`
18 December 2007
Parents across the UK have cut approximately £40 million worth of pocket money to their children during 2007, new research suggests.
Over two-fifths (41 per cent) of parents docked money from their 11 to 15-year-olds, with some parents using bad behaviour as a cover for a debt management scheme, a study by Abbey found.
Children in the north of the UK were the naughtiest, with 45 per cent of youngsters having money taken off them. Money was taken off of 44 per cent of boys, compared with 37 per cent of young girls.
Steve Shore, head of banking at Abbey, said: "Parents have long since wielded pocket money as a powerful weapon with which to influence their children`s conduct. Being on their best behaviour can clearly pay real financial dividends for Britain`s money motivated minors."
According to the government, the average child gets £8.40 per week pocket money.
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