London children at the bottom of UK pocket money league

According to research from Engage Mutual, children in the East Midlands are those most likely to be enjoying pocket money this summer. However, children in London are at the bottom England’s pocket money league.

However, at a time when there is growing concern over the nation’s savings gap, the research reveals that areas where parents are most generous with pocket money also happen to be regions where parents are least likely to save for their child’s future.

Consequently, areas where parents are mean with pocket money are regions where parents are accumulating savings for their child’s future.

The research is from the latest issue of Engage Mutual’s 3GB study – a continuous investigation into family finance commitments between the generations – children, parents and grandparents.

The attitudes of parents in Wales and Scotland presented interesting comparisons to trends in England. Parents tend to save or give pocket money in England. However, in Scotland, parents were among the least likely to give pocket money (37%) or to save (30%), whereas in Wales, parents were among the most generous on both pocket money and child savings (66% and 40% respectively).

Furthermore, the research reveals that children from single parent homes do not suffer when it comes to receiving pocket money – 47% of children receive regular pocket money, compared to 49% of children that live in two-parent homes.

A spokesperson for Engage Mutual commented that in today’s society that is driven by credit cards, it is good news that many parents are saving for their child’s future.

Engage Mutual are a national leader in Child Trust Funds and are providing simple, no-nonsense savings products that make it easy for parents to save little and often. A new tax exempt Easy Save product is to be launched shortly which provides an opportunity for parents to save for their children’s future.

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