On average, sixteen-year-olds received more pocket money than any other underage children in the United Kingdom (UK) between March 2022 and February 2023. There was a clear correlation between their age and the amount they received, with children aged six collecting less than a third of what a sixteen-year-old would earn each week. The highest-paid chore for kids in the UK waswashing the car.
Children and money worldwide
The average amount of pocket money of Japanese children did not exactly follow the correlation observed in this statistic about the United Kingdom. In Japan, kids had more money before they reach the age to enroll in elementary school than during their elementary school studies. There are several ways through which children can save money themselves or with the help of their parents. The most common financial instruments for children between eight and 14 years old in the United States were savings accounts and piggy banks.
Child poverty
Child poverty is a problem affecting a significant share of the population even in developed economies. For example, approximately a fifth of all minors in France lived under the poverty line in 2019. Meanwhile, Romania and Bulgaria were, in 2021, some of the countries with the most children at risk of poverty or social exclusion in Central and Eastern Europe. The probability of children finding themselves in these situations can vary within a country depending on their socioeconomic and ethnic background, the region where they live, or whether they are being raised by a single parent or not.
