Pocket money rockets in Yorkshire region

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Generous parents have given their children an inflation-boosting 28 per cent pocket money rise.

Yorkshire children now receive an average of £6.27 - up from £4.89 in 2011.

The figures from the Halifax show that 84 per cent of children aged between eight and 15 now receive pocket money and the average has increased from £5.98 last year to £6.50.

Richard Fearon, Head of Halifax Savings said: “The responses that children have given to this year’s survey are extremely positive.

“With a greater number of children now keeping their money in a bank or building society, and 75 per cent saving at least a quarter of what they receive, they can use their pocket money to get first hand experience of managing their own money, which will be of real benefit as they grow up.”

At £8.46, children in London receive the greatest amount of pocket money each week, while those in the South West receive the least at £6.26.

To add context to the value of what 8-15 year olds now receive, a comparison of the number of chocolate bars a week’s pocket money would buy now and in 1987 has been calculated.

The comparison is based on the cost of a Cadbury Twirl, which launched in the same year as Halifax Pocket Money Survey.

In 1987, when a Twirl cost 22p, a week’s pocket money would have bought you five bars.

Twenty-six- years later, when the chocolate bar costs around 65p, children can now buy 10 bars a week with their pocket money.