East Anglian children given the least pocket money on average in the UK

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Children in East Anglia are given the lowest amount of weekly pocket money, a survey has revealed.

Halifax bank, which has been researching pocket money since the late 1980s, found children between eight and 15-years-old in the region were given an average of £5.15 by their parents.

That’s the least of any of the eight other English regions, as well as both Scotland and Wales.

The next lowest amount was found in the East Midlands where youngsters received an average of £5.52, with those in London unsurprisingly getting the most – £8.26.

However the spending power of children’s pocket money has improved greatly since 1987, Halifax found.

It said that a child’s weekly pocket money in 2014 could buy them 10 Cadbury Twirls at 64p each, double the number of the chocolate bars they could have bought 27 years ago when the average weekly pocket money was £1.13 and Twirls cost 21p.

The survey also found 88% of children surveyed understood that adults got their money from working, while 82% of parents believed they could confidently teach their children about finances.

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The research was carried out this summer, just before financial education was placed on the national curriculum.

Richard Fearon, head of Halifax Savings, said: “Understanding the value of money is one of life’s great lessons.

“The fact that children are being taught the concept of how to earn money and the value of that money through pocket money is fantastic.”