62% save some pocket money: bank

Sep 8 2012

Most children who receive pocket money save at least a quarter of it, according to a report.

The average weekly amount given to children aged 8-15 in Scotland has fallen in the last year by 57p to £6.32, but 62% save at least £1.58.

The UK weekly average is £5.98, 34p lower, with 67% saving a quarter of their money, according to the Bank of Scotland report.

Across the UK, boys appear to be slightly better at saving, with 71% regularly putting money away compared with 65% of girls.

Scotland is the third-highest region in terms of the amount of money given to children each week, behind the North East of England (£7.12) and London (£7.34).

Bank of Scotland economist Nitesh Patel said: "It is encouraging to see that almost two-thirds of children in Scotland are still saving at least a quarter of the money they get, despite the fact that amount of pocket money they receive has fallen.

"Pocket money is often the first opportunity children have to manage money and it gives them valuable insight into the benefits of both short and long-term saving."

Although the average weekly amount given to UK children has increased by around 500% over the last 25 years, it has been falling from a peak of £8.37 every year since 2005, the report shows.

Around 1,000 children were surveyed for the report, 110 of whom were in Scotland.