Pocket money meltdown
1 in 15 parents slashes pocket money as recession continues to bite.
• Of those parents who give pocket money to their children, 1 in 15 has decreased the amount they give in the last year
• The overwhelming majority (72pc) of parents who decreased the amount of pocket money they give to their children have done so because their financial situation has got worse
• 30pc of those parents who decreased the amount of pocket money have decreased the amount by more than half
• Mothers appear to be more vulnerable than fathers to this effect, with 81pc of mums citing their worsening financial situation as a reason for decreasing pocket money, compared to 60pc of dads
Credit report provider Callcredit Check has today revealed that 1 in 15 parents who give pocket money to their children has decreased the amount they give, with the majority citing deteriorating financial circumstances as their prime reason for doing so.
The statistics show that mothers are more financially constrained than fathers, with 81pc saying that they cannot give as much pocket money as usual because of their worsening financial situation, compared to 60pc of dads.
However, since last year 13pc of parents have increased the amount of pocket money they give to their children. Of these parents, 72pc feel that as their children grow older their expenditure increases and this fact should be reflected in their pocket money. 28pc feel that prices have increased and it is their duty to take inflation into account.
Owen Roberts, head of www.callcreditcheck.com, comments: "The effects of the economic slowdown are being felt across all ages. While some parents may try and shield their children from the economic realities of life, some have clearly had to cut back in a number of areas, including pocket money.
"If families are having serious problems managing their finances, we would advise them to speak with their lenders before things become unmanageable or contact an independent organisation such as the Consumer Credit Counselling Service to work out the best way forward."
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2218 adults. Fieldwork was undertaken between 21st - 23rd July 2009. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About Callcredit Check
• Callcredit Check is the consumer arm of credit reference
agency Callcredit, providing consumers with instant online access
to their credit report and services to help them monitor their
• Callcredit is the UK's most innovative and customer-focused Credit Reference Agency, with an established reputation for service differentiation; focusing on listening to clients and creating innovative solutions that deliver real business value. Find out more at www.callcredit.co.uk
• Callcredit is one of six core businesses that form the
Callcredit Information Group (CIG). CIG brings together experts
across the fields of credit referencing, marketing services,
interactive solutions and consultative analytics to enable our
client base of businesses and consumers to make informed decisions
using our innovative products and services.
The group is made up of two complementary divisions:
? Credit Solutions, encompassing Callcredit, Legatio and DecisionMetrics - specialists in credit risk, ID verification services and tracing tools.
? Marketing Solutions, providing specialist knowledge in customer analytics, consumer targeting, database building and hosting, marketing communications, business modelling and market analysis through three market leaders in their own fields: EuroDirect, Broadsystem and GMAP Consulting.