Are you a better negotiator than your child?

Although the recession that has hit many countries around the world appears to be coming to an end, there are still millions who are impacted by pay freezes and higher prices.

It was recently announced however that one particular segment of the population has seen some good news this year.

For the first time in 7 years, “pocket money” given to children by their parents has increased.

The annual Halifax Bank pocket money survey results have been released and it’s good news for children.

This year, the typical child in the UK receives pocket money of £6.25 a week. This works out as an extra £18.72 a year and is a 6% increase on the previous year.

There were some interesting findings in the survey.

For example, there is a difference between the amounts that boys receive compared to girls. Boys now receive an average of £6.41 a week which is 32p more than the average for girls.

Just over 50% of the children polled believe they receive the right amount of pocket money whilst 43% of the children think they deserve more money (some interesting wage negotiations are no doubt ahead for these 43% when they start working as an adult!)

A total of 1,202 children aged between eight and 15 across the UK were questioned as part of Halifax’s research.

Flavia Palacios Umana, head of savings products at Halifax, said: “It is encouraging to see the amount of pocket money children receive has increased from last year, this gives kids the chance to save their money as well as spend it … teaching children important financial life lessons by using pocket money will quickly give them understanding of basic financial issues and more important the consequences associated with making and spending money.”

Is this a sign that the recession is definitely over or is it a case that children have become better negotiators with their parents?

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