Kids to enjoy inflation-busting pocket money rise for doing household chores

Children in the UK are getting an average of 8.2 percent more chores this year – roughly 27 times the rate of inflation.

Research from Barclays shows that the inflation-driven wage increase shows how much parents appreciate their children helping.

Data shows that most UK children are given pocket money for housework (67 percent), followed by a financial incentive to be good (50 percent), good at school (48 percent) and do their homework (36 percent )). Only 8 percent receive money for no reason.

Although the majority of parents (77 percent) give their children a financial allowance – another 80 percent agree that pocket money teaches children the value of money – almost a third (31 percent) admit they have no idea or no feeling ” unsure “what the ideal amount of pocket money is or should be.

Clare Francis, director of savings and investments at Barclays, said: “When it comes to giving pocket money or rewarding children for helping out around the house, there is certainly no one size fits all, as parents have different views and circumstances.

“There are several ways you can teach your children about finance from an early age. Pocket money is just one way they can develop healthy relationships with money, strengthen their independence, and expand their understanding of how money works.”

Below is a breakdown of the Average Appreciation for Each Housework, 2020 v 2021, to Help Mothers and Fathers:

No.

House work

Percent more

2020

2021

1

Feed pets

17.8 percent

£ 1.01

£ 1.19

2

Setting / deleting the table

15.0 percent

£ 1.06

£ 1.22

3

Empty the dishwasher

13.5 percent

£ 1.11

£ 1.26

4th

fold laundry

8.8 percent

£ 1.25 each

£ 1.36

5

Help with cooking meals

8.0 percent

£ 1.50 each

£ 1.62

6th

Sort recycling

8.0 percent

£ 1.24

£ 1.34

7th

Tidy up your room

6.8 percent

£ 1.47

£ 1.57 each

8th

Take out the bins

5.8 percent

£ 1.20 each

£ 1.27

9

Vacuuming

4.5 percent

£ 1.55 each

£ 1.62

10

Polish surfaces

4.5 percent

£ 1.34

£ 1.40

11

Go for a walk

3.3 percent

£ 1.51

£ 1.56 each

12

Gardening

3.0 percent

£ 2.35

£ 2.42

.

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