The average amount of pocket money children receive is £7.82 per week, according to new research from Halifax, and this translates into a collective yearly spending power of £70 million.

Pocket money in the UK increased at 23 times the rate of inflation between 2003 and 2004, The bank said, as average weekly pocket money rose from £5.79 last year to £7.82 now.

The Halifax has been conducting research into children's pocket money levels since 1987 and has seen pocket money rise by more than double the rate of inflation since the late 1980s.

This year's pocket money winners are Scottish children, who receive the highest amount (£9.23) per week. Boys in the UK also come out on top, receiving £0.50 more pocket money than girls do each week.

The pocket money losers are those children in East England, South East and Wales. Children in East England and South East get an average of £5.95 and £6.97 respectively and only 28 per cent of Welsh children claim to receive pocket money.

Over two thirds (67 per cent) of seven to 16 year olds receive pocket money.

Parents are still the most important source of income: 56 per cent of children receive regular pocket money from their mums and dads and 14 per cent receive pocket money their from grandparents. In addition, 15 per cent of children have to earn their pocket money by doing jobs around the home 27 per cent clean, 25 per cent do the washing up and 21 per cent do the vacuuming.