Pocket money falls to seven-year low

Children are receiving less pocket money than last year as the economic downturn continues to bite into parents' budgets.
The average pocket money in 2010 is £5.89 per week, compared to £6.24 in 2009 - a seven-year low.
But the gender gap has closed, with boys receiving almost 40 pence more than girls - last year the gap between boys and girls was over £1.
Youngsters between the ages of eight to 11 are given £4.57 per week, while children aged 12 to 15 get £7.02 on average, according to a survey carried out by the Halifax.
Although pocket money has fallen over the past year, almost half of children (49%) think they receive the right amount from their parents. 
Slightly fewer youngsters (42%) think they should get more, while almost a third (28%) never talk about the amount of money they receive with their friends.
Children in the North East are the most careful with their money - more than four out of 10 (43%) save at least half of their pocket money, but less than a quarter (24%) of youngsters in Wales put away half.
If children see something expensive they want, over a third (35%) will save to buy it.  But two fifths (39%) will resort to asking for the item as a Christmas or birthday present, with a further sixth (18%) resorting to pester power.
More than three quarters (77%) said they were interested in learning more about savings.
Flavia Palacios Umana, head of savings products at Halifax, said: ''It is encouraging to see that children are still saving, despite the amount of pocket money falling.
''Teaching children how to manage their own pocket money is a great first step to building good financial awareness in our youngsters. 
''Developing the habit of saving a little and often will stand them in good stead in later life as they will be able to see their savings mount up over time.''