Lots of children receive pocket money each week from their parents or guardians, and many get it in return for doing chores and helping out around the house.

Pocket money is also a great way to learn about budgeting, saving and taking care of your finances. But, the average amount of pocket money has been going down. In a time where the cost of living is going up, it can be tricky for parents to be able to give as much pocket money as they used to.

Around half (51%) of young people have to do chores to earn their pocket money. Chores that you do to earn pocket money include cleaning your room, mopping floors and raking leaves. Unsurprisingly, some chores are more popular than others. A survey recently found out that cleaning the toilet is the least popular, with gardening found to be the favourite. But washing the car is the chore that earns children the most money – around £3!

So, make sure you choose your chores wisely.