At what age do children really understand the value of money? Experian research* found that 65% of parents of 5-9 years olds are confident their child has a good appreciation of the value of money, while 69% think their child has a good appreciation of the difference between a necessity and a luxury.
However, by the time those children get to the 15-18 age bracket – a time when they are mostly spending money themselves and in many cases earning it – 20% of parents are not confident their child has a good appreciation of the value of money.
Did you do the odd chore to earn your pocket money when you were younger?
Sarah Willingham, consumer champion, mum of four and BBC Dragon has called for British parents to rethink how they give pocket money to their children with Experian research finding that 85% of British children that receive pocket money don’t always have to earn it.
Sarah told us: “Pocket money is often the first experience children have of managing money, and I’d like us, as parents, to take a more active role in teaching our kids the importance of earning their pocket money and saving for the things they’d like. Continue reading