Kids Keen On Topping Up Pocket Money
Friday, October 31st, 2008
Many young people throughout the country are not prepared to rely on pocket money to satisfy their spending urges, new research has claimed.
According to Halifax, almost half (48 per cent) of the nations youngsters look to other sources of cash in an effort to boost their weekly allowance. And the group claimed that doing so can prove lucrative, with the average earnings from other areas of funding totalling seven pounds and 76 pence. This was said to exceed the typical allowance given out by parents each week, which was said to stand at six pounds and 13 pence. And it may be that grandparents are feeling the pinch of keeping grandkids flush, as 42 per cent of children questioned by the group said they had approached their grandparents for cash. Meanwhile, one in ten said they asked other members of their family to give them some spare cash.
However, the group also pointed out that many children are prepared to graft for their pocket money, with 11 per cent of thos questioned by Halifax claiming that they have a part-time job to boost their allowance. And it seems that those living in the north-east are a particularly industrious bunch, with 15 per cent saying they have taken on work for some spare cash. However, their neighbours across the Pennines are slightly less committed to putting in the hours, with one in twenty (five per cent) saying that they have a part-time job.
For those who are in gainful employment, Halifax noted that while youngsters may be the future, they are still keen on finding old-fashioned forms of work, with a paper-round proving most popular (37 per cent), followed by washing cars (10 per cent).
Commenting on the findings, Ken Stannard, head of savings at Halifax, claimed that getting a job at a young age could help them as they move towards adulthood.
“Our research shows that many children are topping up the amount of pocket money they receive from their parents by either supplementing this with funding from additional sources or taking on a part-time job. It is encouraging to see that a number of children who are doing a part-time job are working to save for something special, a habit which should stand them in good stead later in life,” he said.
For parents who have found it difficult to indulge their little ones spending habits as household bills have risen, taking out a debt consolidation loan may prove an effective way to get their finances back on track, perhaps allowing a little more monthly cashflow to treat their children to a few luxuries. However, parents may be interested to learn that American Express has found that todays youngsters are more interested in spending time with their relatives than they are about owning the latest gadgets. Indeed, research from the group indicated that 93 per cent of kids felt that money matters were causing their parents too much stress. Those looking to ease the burden of running a household may wish to consider a consolidation loan.
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