More than three-quarters of parents (77%) provide their children with a basic amount of pocket money, according to the latest research.
Data from Santander revealed that a third of parents (33%) awarded extra money for a range of activities, which included helping with housework, good behaviour and performing well in sports.
The average amount awarded for these activities in a month was £7.70, with getting to school or college on time the highest-earning activity .
However, 18% of parents took money away from their children for failing to complete household chores, while 15% did the same for bad behaviour at school.
Hetal Parmar, head of banking and savings at Santander, said that it was encouraging to see how parents used financial lessons in the home to help their children get to grips with money.
“Teaching children about making the most of their money once they've earned it is also an important life skill.
“Our 1|2|3 mini current account is designed to help children learn to manage money and pays interest of up to 3% on balances up to £2,000, helping children grow their hard-earned cash and take the first steps towards financial responsibility.”
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