Do you give your Children Pocket Money?

According to a study released by Halifax, parents typically give their children £7.04 per week in pocket money (Girls average £7.09 a week while the boys average amount has dropped by 14p since last year to £6.91.)

. Many parents do this to teach their children certain values, and some parents give it just because they believe they are meant to.

There are several benefits of giving children pocket money if it is managed correctly.

Below are some ways to reward children with pocket money to teach them certain life values.

Encourage a child to earn money, not expect it

Most kids perform chores. Whether it be doing the dishes, or cleaning their rooms, many children are taught from a young age that life does require work.

Giving a child pocket money for completing their chores is an effective method to teach them that work can be rewarding. Not only does it instill a work for benefits attitude into their self-consciousness from a young age, but it can also encourage children to value work and seek additional tasks for a higher reward.

Teach them to budget their earnings

A good strategy when giving kids pocket money is to use it as a way of teaching them the value of their earnings and save money.

If a child has their heart set on a new purchase, such as a toy or clothing, pocket money can be an effective way to teach them to save their earnings and budget their spending so they can afford to buy what they desire.

Use it to teach them life values

Pocket money that is earned through tasks is a great way to teach children that work is required to make the world turn around.

If children begin working for rewards at a young age, they are more likely to be conscious of why their parents may work, why people enter the careers they do and that not everything can just be given for free.

Unfortunately, many parents across the UK cannot afford to provide their children with frequent pocket money, even if they have earned it. For parents who are striving to teach their children the value of work and money, there are financially safe options to do so, such as taking out a manageable personal loan from the experts at SimplePersonalLoans.