Kids in London spend most pocket money on gadgets

Friday, April 9th 2010

Children in London spend more on technology than their counterparts in the rest of the country, a new study has revealed.

An average £602 is spent by youngsters in the city on the latest gadgets - the British average is £383, Halifax reports.

Mobile phones, music downloads and computer games and consoles are sought after by children aged between eight and 15.

The average mobile phone bills for the three-quarters of kids who own a handset is £104.04 a year.

According to the bank, parents need to give an extra £1.13 a week on top of pocket money just to cover the annual spend on technology.

Commenting on the results, Flavia Palacios Umana, senior manager at Halifax savings products, said: "Many parents will be footing the portable entertainment bill directly or indirectly through additional pocket money contributions."

However, many youngsters do save up their pocket money to fund their own purchases, she added.

A report from HSBC and the Personal Finance Education Group revealed over half of nine and ten year olds given £20 would save some of it.