Gender gap doesn't just affect wages but pocket money too

Children and teenagers are in luck financially at the moment - there's been a rise in pocket money.

On average, youngsters now get £6.55 a week from their parent or guardian, marking the highest figure seen since 2007.

It's also a pay rise of nearly six per cent compared with 2015, when the average weekly pocket money payout was £6.20. More than four-fifths (81 per cent) now receive pocket money, which is also higher than the percentage in 2015.

WHO GETS THE MOST CASH?

It appears that boys have more to celebrate than girls though. Research among eight to 15-year-olds found on average, boys get a weekly allowance of £6.93, compared to just £6.16 for girls - with this significant pocket money gender gap making boys more than 12 per cent better off.

Looking at how different age groups fare, the Halifax Pocket Money Survey also found nine-year-olds get the least pocket money, at £4.68 on average, while 14-year-olds receive most, at £8.03 typically. Parents tend to start giving out pocket money when their child is aged six to seven.

ARE YOUNGSTERS HAPPY WITH WHAT THEY'RE GETTING?

Despite general pocket money increases, more than two-fifths (42 per cent) of children still think they should get more, although just over half of the more than 1,200 children surveyed think the amount they get's about right, and around one in five (23 per cent) believe their friends get more pocket money than they do.

The rebound in weekly pocket money payouts still has some way to go before it hits a previous record average of £8.37, reached in 2005.

SAVE OR SPLURGE?

Head of Halifax Savings Giles Martin, says: "Pocket money is a great training tool in money management and a fantastic way of instilling a sense of the value of money from an early age. Getting children to set aside even just a small amount each week can help them to develop a strong savings habit that will serve them well through to adulthood." According to the research, nearly four-fifths (79 per cent) of children save some of their pocket money, up 70 per cent from 2015's results. Around one in eight (12 per cent) now save all of their money, up from one in 10 last year, and nearly a third save half their money, up from a quarter in 2015. Ten-year-olds were found to be the savviest savers, with nearly nine in 10 (88 per cent) saving some or all of their pocket money. Meanwhile, 13-year-olds were least likely to save - with just over seven in 10 (71 per cent) doing so. Parents are also doing their bit to encourage the next generation of savers. The research, which also surveyed more than 500 parents, found nine in 10 encourage their children to save some of their pocket money - while 9 per cent try to encourage their children to put all the cash away.

WILL THE MONEY IN BANKS AND BUILDING SOCIETIES STILL BE PROTECTED FOLLOWING THE VOTE TO LEAVE THE EU?

Money held in banks, building societies and credit unions is protected by a UK scheme - the Financial Services Compensation Scheme (FSCS). The FSCS pays money out to customers of financial services firms when those firms go under. It has said its scope and coverage remains unchanged following the vote. POUNDNOTES Financial fact: The North/South house price gap in England has widened to a record high of nearly £169,000, according to an index from Nationwide Building Society. The average house price in the North of England - which for the purposes of the report includes the Midlands as well as Yorkshire and Humberside, the North West and the North East - is £155,222. In the South of England - which includes the South West, South East, London and East Anglia - the average price of a home is £324,078.

SCAMS AWARENESS MONTH LAUNCHED.

Investment scam victims are losing £20,000 on average to frauds which may involve fake diamonds, bogus stocks and shares and fine wines that do not really exist, Citizens Advice is warning. Analysis of 5,000 scams reported to the charity between January and March 2016 showed how fraudsters are conning savers and investors out of tens of thousands of pounds. Citizens Advice and the Chartered Trading Standards Institute have launched Scams Awareness Month - a national campaign to help people avoid falling prey to scams.

MANY HOUSEHOLDS 'PLAN TO CUT BACK ON BIG PURCHASES' More than one in three Brits are planning to cut back on big ticket purchases like holidays, TVs and home improvements amid fears over the impact of Brexit on the economy and living costs, a survey suggests. Half of people surveyed also said they will put bigger chunks of their wages into savings as a result of the EU referendum, according to the survey conducted the day after the EU referendum vote was announced. The survey of around 2,000 people was carried out by economics research consultancy Retail Economics.

MORE THAN HALF A MILLION PEOPLE OPEN HELP TO BUY ISA More than half a million people have opened Help to Buy ISAs, which give aspiring first-time home buyers a helping hand towards saving for a deposit, according to figures from the Treasury. Launched on December 1, the ISAs offer savers a government bonus of up to £3,000 to help them save for their first home. To get the maximum bonus of £3,000, someone will need to have saved £12,000. The average bonus paid out so far is £421.