Household chores a requirement for pocket money

Household chores are a requisite of receiving money for 65 per cent of children aged between 8 and 15 years of age.

Parents wanting their children to understand the value of money only give out the cash once basic jobs are done.

According to the Halifax, 42 per cent will receive theirs once the bedroom is tidied.

The second most popular chore is washing up for 25 per cent of children.

But three per cent make their children do the ironing and 4 per cent cook the dinner.

A total of 64 per cent of children aged as young as eight years surveyed for the research said their understood that money is earned through working.

The first pocket money survey by the Halifax, was carried out in 1987 and has risen by 188 per cent from £1.13 in that year to £6.35 in 2014.

Head of Halifax Savings, Richard Fearon said: “Understanding the value of money is one of life’s greatest lessons. The fact that children today are being taught the concept of how to earn money and the value of that money through pocket money is fantastic.

“It’s also good to see that parents are increasingly confident in being able to explain finances to their children, and children are responding to this by displaying a level of understanding which will be of great benefit to them once they enter adult life.”