Spotlight Magazines Spotlight on West Bridgford Nottingham July 2015 | Page 10

Spotlight Magazine Pocket Money The Annual 2014 Pocket Money Survey by the Halifax revealed that 8 to 15 year olds received an average amount of £6.35 per week. Whilst parents or guardians were the main givers, a third of those surveyed also received pocket money from grandparents. amounts if children do additional chores or achieve something significant .Of course you will need to make the possibilities appropriate to their age, and different chores can attract different bonuses depending on the time and effort required. Thirteen year olds were the most likely age group to receive weekly amounts and boys received more on average than girls. Only a third of children said they would save up for something expensive, most preferring to ask for it as a present. Other surveys such as those by Roosterbank suggest children as young as 3 are getting pocket money. Many parents find that the use of a reward chart is helpful, particularly for younger children as it shows clearly the financial benefits of completing extra tasks. Whatever the amount, pocket money given in the right way can help children to learn the necessary skills and gain the confidence to handle money responsibly. If you are having trouble deciding how much pocket money to give your children, think about what you expect them to pay for from that money. You can involve your children in the decision process. Do you expect them to buy their own sweets and magazines with the money for example, and would this mean that they ended up eating fewer sweets than you currently buy for them which may lead to healthier choices? Or would you prefer to buy this type of thing and money will be for ‘special extras’ only? Having regular conversations about what children are doing with their money, what they want to buy and why they want it is also important. This can help them understand the value of things much more clearly than when you pay for things for them because they have to decide whether to buy x or y. If you can bear it, it really is best to let them learn from their financial mistakes. Whilst many children will have a splurge when they first start receiving pocket money, as they get used to it they tend to become more careful about their choices. You can also help stimulate their thinking by talking about how you budget. By Susan Brookes-Morris Commonly a basic payment plus bonus system is recommended. This includes a fixed amount which is given as long as children do certain expected things, perhaps keep their rooms tidy and do their homework for example. It is then ‘topped’ up by extra 10 www.spotlightlocal.co.uk • 0115 822 4995 • [email protected]