Rising pocket money outstrips parents' wages

Two-thirds (65pc) of children do some form of household chore in return for pocket money.

Vicky Shaw

Children's pocket money has risen more than twice as fast as their parents' wage increases since the late 1980s, research has found.

On average, a child aged between eight and 15-years-old living gets €8 a week - a sum which has surged by 462pc since 1987.

Over the same 27-year period, the typical annual wage has increased by 188pc, according to the findings.

Citing an example, Halifax - which conducted the research - said that a child's pocket money in 2014 could buy 10 Cadbury Twirls. This is double the number of the chocolate bars that they could have bought in 1987.

Meanwhile, a child could have bought five packets of crisps in 1987. Today, they could buy double that amount.

In order to receive their bumper pocket money payouts, the research also found that two-thirds (65pc) of children do some form of household chore.