Kids have always loved the thrill of receiving their very own pocket money to spend however they like. From saving up to buy the toy they've had their eye on for weeks to the quick delight that comes from waving around a bubble sword or getting stuck into a new puzzle book, hours of fun can come from the simplest of things.
Halifax, which has conducted an annual pocket money survey since 1987, suggests the average amount kids receive is now £7.01. And in today's financial climate, pocket money can be a good way to teach children to be careful with their cash and learn how to make it go further. Advance education about the importance of saving and an understanding of money has been shown to give children a head start when it comes to money management in later life.
But it's not just the kids that are jumping onto the pocket money bandwagon.
Parents are also opting to turn away from bigger box items. After all, there's nothing more frustrating than shelling out on an expensive toy only to see your child tire of it after half an hour. Especially when it takes so long to undo all the wasteful packaging!
The growing trend for pocket money toys means a wider variety for the smaller customer, and it's a great way for parents to get the latest fad without breaking the bank.
One pocket money item that has seen incredible growth in sales is slime and putty. Venture onto YouTube and you'll find millions of videos of kids playing with it. In fact, there are even global slime conventions throughout the world off the back of this massive craze and there is no sign of it slowing down. Global sales are still rising and the popularity of this realtively simple and inexpensive toy is still growing. With thousands of variations - magnetic slime, rainbow slime, glow in the dar slime and more this is the craze that should go for many months more.
Of course, certain toys are timeless and will never go out of fashion. Spinning tops, tumbling tower games, marble drops and classic board games have captured children's imaginations throughout the years and continue to be just as popular today as they ever were.
Another range that has been adapted for the pocket money market is the educational toy. It's no secret that play is a great way to help children learn and toys are continually evolving to support this trend with more and more unique playsets and experimental kits to keep them entertained.
So to summarise, think twice before thinking you need to shell out large sums of money to keep your kids happy. Sometimes a £1 pot of slime will bring just as many smiles.
