LONDON parents are handing out £78 million less pocket money than before the recession hit six months ago, research suggested today. Almost a third say they have slashed weekly allowances.

Children in the capital still receive £5.56 on average a week from their parents or collectively £243 million a year. That is less than the national average of £6.32, according to personal finance charity pfeg.

The survey indicates that it is increasingly falling on grandparents to bolster children's budgets. Some 80 per cent in London give grandchildren pocket money, while only five per cent have cut back.

The research comes ahead of the first financial education week, My Money Week, in schools from 29 June to 5 July. Olympic triple gold medallist Sir Chris Hoy, singer Mutya Buena, TV presenter Ben Fogle and all-girl pop group The Saturdays are backing the campaign.

Wendy van den Hende, chief executive of pfeg, said: "This research highlights that it is not only adults who have been hit by the recession. It is more vital than ever that young people are equipped with money management skills from an early age."

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