Tooth Fairy prices: How much money should parents leave?

When a child loses one of their milk teeth, the Tooth Fairy is often at hand, leaving sparkly coins behind while they sleep, for them to find when they wake up.

But a new survey from Halifax has found payouts from the Tooth Fairy can vary quite a bit. While the average amount left is £3.34 per tooth, more than one in 10 (12%) lucky youngsters receive at least £5 per tooth.

The survey of more than 2,000 parents also found parents generally received more than their children do now, at £5.76 per tooth on average. However, just under a fifth (18%) of parents say they were never visited by the Tooth Fairy when they were children.

Giles Martin, head of savings at Halifax, says: "Kids shouldn't bank on the Tooth Fairy forever. These surprising results show the going rate is getting lower. At this rate, they'll be worthless 40 years from now, paving the way for the extinction of the Tooth Fairy as soon as 2060.

"The good news is that two-thirds of children save the money, either in a piggy bank or savings account. Just like regular pocket money, it's a great opportunity to get kids into the savings habit from a young age."

Despite the lower Tooth Fairy payouts, children aren't missing out completely - research earlier this year revealed pocket money had reached a nine-year high at £7.04 a week, with eight in 10 (80%) saving their pocket money in a piggy bank.