- Weekly pocket money peaks at £7.03 for girls; £6.81 for boys
- Girls paid 57 per cent more at age 17
- Girls’ one-off payments from parents trumps boys’ by 11%
Research findings released today suggest that girls create more of a dent in family finances than boys. Analysis of more than 17,000 pocket money payments for children aged 6 - 18 found that girls are consistently paid more in weekly payments by parents, with pocket money payments at age 17 57 per cent higher for girls than for boys.
The findingsrevealed by goHenry, which empowers children and teenagers to develop money skills through real-world experience, also show how one-off payments from parents to girls are 11 per cent higher than for boys; £20.25 as opposed to £18.23, a trend that is not necessarily replicated in working life.
The data demonstrated girls were able to secure higher weekly payments from parents for a longer period of time. Boys’ pocket money peaked at age 15 (£6.81), whereas girls’ peaked at age 16 and was 57 per cent higher than boys at age 17 (£5.55 as opposed to £3.53) and 17 per cent higher at age 18 (£5.27 as opposed to £4.51).
One-off payments for both boys and girls increased rapidly in later teen years according to the data, with average one off payments standing at £23 at age 16, increasing to £39 at age 17 and then peaking at £126 when boys and girls were 18, perhaps due to increased payments for milestone 18th birthday parties and expensive presents to accompany.
goHenry took the data from its system, which enables parents to easily give pocket money and allowance payments to their children, make one-off money transfers and reward children for successful completion of household chores.
Louise Hill, COO and Founder of goHenry, said: “Our research findings, based on data from more than 17,000 pocket money payments, suggests a trend in which girls are able to secure higher pocket money and allowance payments longer into their teenage years than boys.
“Whilst interesting findings, the most important thing that parents can do, whether for their sons or daughters, is empower them to learn about earning, saving and spending and ensure that, however much money they receive each week, they’re well equipped to manage it responsibly and develop good money habits for life.”
For more information, visit www.gohenry.co.uk
Notes to editors:
For an interview with a member of the goHenry team, contact Sam Oakley (firstname.lastname@example.org) or Jon Priestley (email@example.com) or Christine Nguyen (Christine@wolfstarconsultancy.com) in the goHenry press office.
goHenry is a new way for children and teenagers to develop money skills, through real-world experience. goHenry facilitates open and constructive conversations between parents and their children around the subject of money, empowering children to earn, save and spend responsibly whilst making life easier for parents.
For parents, goHenry offers a parent account that is linked to each of their children’s accounts, from which they can set up automatic weekly pocket money transfers and tasks for their children. One-off money transfers can also be made and money is instantly accessible by the child. Each child account comes with the unique goHenry Visa Prepaid Card and offers the highest levels of personalisation and flexibility for each child; rules and limits can be set by parents, including how much and where their children can spend money. And because only the money on the card can be spent, there’s no danger of debt or overdraft. For total security, the card can be quickly blocked or unblocked by parents or children without the need for a phone call.
With goHenry children gain independence and take responsibility for their own earning, saving and spending in a way individually suited to them, and all under the watchful eye of a parent. Children and teenagers can earn by completing weekly and one-off tasks, set wish lists, create savings targets and manage and understand how their earning and saving relates to their spending.
IDT Financial Services Limited is a subsidiary of IDT Corporation (NYSE: IDT). Its cards are issued pursuant to license by Visa Europe. IDT Financial Services Limited is a bank, licensed by the Financial Services Commission (FSC), Gibraltar, under the Financial Services (Banking) Act 1992. Registered Office: 57-63 Line Wall Road, Gibraltar. Registered No: 95716. Directors: M.Fischer, J. Raanan, D. Spier, T. Streatfeild-James.
All communications should be sent to goHenry Ltd, 9 Angel Courtyard, High Street, Lymington, Hampshire, SO41 9AP.
goHenry is based at:
9 Angel Courtyard