Children across Britain are getting wealthier and choosing to spend rather than save their money, a survey on pocket money said.

Research by Goldfish bank found that three quarters of 7-16 year olds receive �6.70 pocket money per week - but that only 19% save any of it.

Welsh children fare best, with an average hand out of �8.40 per week - almost double the �4.91 received by their cousins in the South East of England, who receive the lowest average rate.

The findings were seen as good news for the consumer industry, with Goldfish warning that few children were saving any money, preferring to spend it on music, DVDs, cosmetics and sweets.

A wealthy generation

The survey questioned 1,000 children aged between seven and 16 across the UK.

These findings highlight the magnitude of youth income

Charlie Herbert, Goldfish bank

It found that 15-16 year olds had the most spending power, with CDs and DVDs topping their shopping list, followed by designer clothes and trainers.

Regional differences in spending power highlighted a vain London generation, where 19% of children chose to spend their money on make-up - compared with just 5% of East Anglicans and Scots.

Fashion led the way in Manchester and Liverpool, where one third of children spent their cash on designer clothes and trainers.

What is worrying....is how little children save

Saving plans put off

Despite their increasing wealth, children were more happy to spend than save their hand outs.

The Scots lived up to their frugal reputation, with 28% of those surveyed choosing to keep their money in a piggy bank.

But only 19% of children asked had any kind of saving account.

"What is worrying, but perhaps not surprising, is how little children save," Goldfish said, stating it wanted to encourage a more prudent mentality in children.

"We should be passing the message on to our children to save from an early age and see the benefits of saving for the future".