Pocket money to boost economy this summer

The economy is set for a boost now kids are on holidays and looking to spend a combined pocket money of £132 million per week.

As well as a pocket money, children are looking for additional incomes over the summer through paper rounds, babysitting and paid chores.

The figures come from a survey commissioned by the Personal Finance Education Group (pfeg) who are to spearhead My Money, an £11.5 million investment by the Department for Children Schools and Families (DCSF) to deliver lessons on money in schools.

The research from the survey suggests that kids are planning to blow their earnings with only 35 per cent planning to save.

Wendy van den Hende, Chief Executive of pfeg, said: “It is important that young people are equipped with money management skills from an early age, so they can prioritise their spending and saving. Many will have experienced financial education lessons during My Money Week, and will be able to use this learning to inform their money habits.”