Teaching Videos
How to teach children good money habits
markwarner » 7pm - Jul 25, 2010
We all know the economic downturn has hit our wallets -- but it has...
Rating: 2.7 (109 Votes)
Category: PSHE / Citizenship
Tags: economic, downturn, wallets, children, piggy, banks, money, recession, Family, child, pshe, citizenship, keystage2
We all know the economic downturn has hit our wallets -- but it has also hit children's piggy banks, according to a report from Tesco Bank. The national pocket money budget currently stands at around £40 million per week*, despite the fact that one in four parents (24%) has reduced the amount of pocket money they give to their children following the recession.
The report, entitled "Every Little Helpers" and the first in the Tesco Bank "Family Matters" series, reveals that the majority of parents (71%) across the UK expect help around the house from their children (aged 4-15 years old) in return for pocket money. The most generous parents can be found in London, giving children £7.81 per week in return for household chores, whilst the UK average is £5.80.
So how can make sure your child makes the most of their pocket money and learns good money habits? In this video Dr Elizabeth Kilbey - who appears as a child psychologist on BBC's House of Tiny Tearaways - gives some valuable advice.
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