In fact, 61.3% of parents said that this was their main reason for doing so. This reinforces a survey from Yorkshire Building Society in 2019 that found up to 83.5% of children in the UK get pocket money, and that the top reason from parents with children aged between 6 and 17 for giving them this is to teach their little ones how to save and spend. So, it’s hardly surprising that according to new research from Aviva, 7 in 10 British parents give their children pocket money in exchange for them doing chores. Both of these are essential life lessons that can be carried with them into adulthood, giving them a strong base for when they start working and paying bills. It also lets them experience the satisfaction of earning money, saving it, and seeing it grow until they’re able to use it to purchase something they’ve yearned for.Īnd because it gives children the opportunity to make their own decisions, giving them pocket money could be a great way to teach them about the value of money and the importance of saving from a young age. Pocket money can be an exciting thing for any child to receive as it gives them the freedom to buy the things they want – whether that’s a new toy or a packet of sweets.
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