A third of UK parents cutting back on children’s pocket money

Cost of living crisis has meant the average amount given to children has fallen to lowest level since 2001

Children's piggy banks are paying a high price for the cost of living crisis after almost a third of parents cut back on pocket money during the last year.

The average amount that is going into the pockets of under-16s each week has dropped by 23% to 4.99 this year from 6.48 in 2021, according to research from the lender Halifax - the lowest amount since 2001.