Teenagers in Ireland are still receiving lots of pocket money, despite their parents facing considerable financial pressures.

This is the finding of new research carried out by the Irish League of Credit Unions (ILCU) - the representative body for 487 credit unions in Ireland - and Youth Work Ireland, which showed 51 per cent of youngsters are regularly given a personal allowance, with 25 per cent being handed between 20 and 25 euros each week.

Announced at the ILCU's Annual Youth Conference in Galway, the results of the Teens & Money survey also revealed the majority of teens spend most of their pocket money and do not save significant sums.

Despite this, 80 per cent of those questioned admitted they are worried about the cost of 3rd level education and only 58 per cent said they expect to find work in Ireland once their college studies are over.

Michael McLoughlin, head of communications at Youth Work Ireland, stated: "This survey is a valuable insight into young people's finances and their hopes for the future."

Written by Donal Walsh

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