Don't tell the teenagers: pocket money on the rise

One in five teenagers get an increase in pocket money, even though parents ‘do not believe Ireland is out of recession’

Tentative signs of economic recovery in the Republic have crept into the pocket money corner of personal finance, according to new research.

Almost one in five teenagers is receiving more pocket money now than 12 months ago.

However, the Irish League of Credit Unions' "teens and money" survey revealed 73 per cent of parents paying out pocket money "do not believe Ireland is out of recession".

Some of the main findings include:


The number of teenagers receiving more pocket money than last year is at 18 per cent.

One in three teenagers save a third of their pocket money.

A total of 70 per cent of teenagers receive pocket money, with 74 per cent of those receiving it weekly.

Those paid weekly got €13, the 6 per cent paid daily got an average of €9, the 5 per cent paid bi-weekly were paid €26 and the 15 per cent paid monthly received €23.

The number of teenagers with saving accounts is 82 per cent, with 51 per cent saving at the

Credit Union

, 48 per cent with the bank and 21 per cent with the post office.

The most common items teenagers were saving their pocket money for were phones, computers and other technological products.

Conor Lally

Conor Lally

Conor Lally is Security and Crime Editor of The Irish Times