British parents are spending £29 billion a year in pocket money for their children, reveals new research.

The average child was found to receive £12.22 per week. Yorkshire and Humberside were found to be the most generous, giving £16.33 a week and children in the West Midlands received the least - £10.33.

Nearly 90 per cent of children have to work to earn their allowance citing tidying their bedroom and washing dishes as the most common chores.

Steve Shore, head of banking at Abbey, commented: "It's encouraging that most children are learning the value of money by having to earn their pocket money."

The research found that children are saving 46 per cent of their money every week which Mr Shore said was "great to see".

Pocket money has risen by 600 per cent between 1987 and 2007, according to Halifax.

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