Children 'Don't Save Pocket Money'

23 March 2015, 07:06 | Updated: 30 March 2016, 13:50

Half of children do not save any money even though the average weekly pocket money is more than £14, according to a new study.

Research among thousands of youngsters aged eight to 18 found that one in eight spent their allowance in the first few days.

Those in the North East spent the most and saved the least, while young people in Wales spent the least and saved the most, said the Children's Money Company.

The money management firm said its poll of 4,000 youngsters found that those in London received the most pocket money, at more than £17 a week, followed by Yorkshire and the Humber (£16), North East and South East (around £15).

The smallest weekly amounts were just under £11 in the East Midlands, £12.50 in Wales and around £13 in the South West, Scotland and Northern Ireland.

The report also found that fathers give more money to their children than mothers, and that the more money young people have to spend, the less likely they are to save.