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Retirely in The things you own end up owning you,

This is why kids make you poor: childrens’ allowances have outpaced parents’ wage growth by 255 per cent over the past 28 years

You pay your child labor to work? Fools! Yep, blame the kids, just like they’re blaming the teachers. Most parents have allowed their kids to rule the roost. “Why should I reward you for doing what you were supposed to be doing”, my mother would always say. Never could get her to understand positive reinforcement. Of course, we didn’t have money for an allowance anyhow. Not that I was told that as a reason.

Giles Martin, head of Halifax Savings, said: “Our research shows most parents are clearly very generous when it comes to how much pocket money they give their children, having given higher percentage increases, on average, than they’ve seen in their own pay packets for many years.”

He added: “It’s surprising to see that in the last year, the number of parents who ask their children to do chores in return for their pocket money has decreased. Earning money can help children understand its value as well as giving them the opportunity to build strong savings habits from a young age.”

The Nationwide study found that under-18s managed to blag an extra £17.56 a month for smartphone costs alone.

1987 – £1.13

1997 – £1.67

2001 – £2.81

2003 – £5.79

2005 – £8.37

2008 – £6.13

2010 – £5.89

2014 – £6.35

2015 – £6.20