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Pocket money drains parental pockets

Children's pocket money has risen by 600 per cent over the last 20 years according to a survey by Halifax.The survey revealed that children receive an average £8.01 per week in pocket money, seven times more than the 1987 average of £1.13 - increasing at six times the rate of inflation.Mike Regnier, head of savings at Halifax, said: "Part of the increase may be explained by changing tastes and technology. "Whereas 20 years ago children spent their money on toys or saved towards things like holidays, nowadays children are likely to buy DVDs and mobile phones, which simply didn't exist in 1987." Children in the south-east got the most pocket money - an average of £10.43 per week - compared with children in the North East who get the lowest pocket money of £5.70 per week, almost 29 per cent below the UK average.Tastes have changed too since 1987, whilst back then Sylvanian Families, musical socks, Tomy toys and karaoke machines were in demand, now children are most likely to spend money on sweets, drinks, going out, DVDs, mobile phones and clothes.

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