£426m earnings for children
Children in the UK earn a collective total of £426 million each year through work designed to top up their pocket money, a new survey has shown.
Research by bank Santander found about 18% of 10 to 15-year-olds have a paid job of some description, such as dog-walking or even designing software applications.
About 40% of youngsters earned their money by doing household chores while a further 22% were given an allowance by their parents but added to it by carrying out family tasks.
Other paid chores for children included dog-walking (13%), paper rounds (10%), cleaning (9%) or designing website or iPhone applications (1%). An average child earned £550 a year through such work.
Children were encouraged to show initiative and earn money by two-thirds of parents while 26% said developing an entrepreneurial streak would be of long-term benefit to their offspring.
Helen Bierton, head of Santander current accounts, said: "The money generated is obviously great but the lessons learned should prove invaluable when it comes to managing finances later in life."
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