British children's pocket money payouts have dramatically doubled-twice as fast as parents' salary increase since the 1980s.
A research from Halifax conducted over the summer has revealed that 8 to 15-year old children residing in Britain get £6.35 per week, a 462 percent increase since 1987.
Aside from that, the annual wage also increased from £11,648 in 1987 to £33,511 in 2014, a jump of 188 percent in 27 years.
Children in London currently get the highest pocket money among youngsters in Europe. They reportedly receive £6.26 (about $10) per week, compared to those in East Angolia who get the lowest pocket money at £5.15 (about $8.29) per week.
Meanwhile, in Wales, youngsters receive £5.54 while those in Scotland get £6.73 per week to put in their piggy banks.
On a side note, the spending power of children's pocket money has increased, as the amount of goods or services that their money can buy improved as well.
Halifax reported that now, children can buy 10 Cadbury Twirls priced at 64p each with their weekly allowance-twice as much chocolate bars children of their age could have bought back in1987, when Twirls were still priced at 21p and children get only £1.13 a week.
Furthermore, a child's allowance back in 1987 could buy him five packets of crisps priced at 20p each, while children in 2014 could buy double that amount, with a bag of crisps costing only 58p.
However, a higher allowance comes with a cost. Daily Mail reports that in order to get their allowances, almost 65 percent of the children needed to do some form of household chore.
Cleaning and tidying up the bedroom ranked number one on the list, followed by washing up. Girls were reported to earn more doing household chores than boys.
On a side note, majority of the children, even the littlest ones surveyed understood that their parents get their money from work.
With this in hand, majority of the parents claim they can teach their children about the value of money and finances.
Halifax Savings head Richard Fearon stated "Understanding the value of money is one of life's great lessons."
