Children and Pocket Money

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So inspiring to hear David Beckham talk about pocket money. “If the boys don’t do their chores, they don’t get their pocket money” and then when Brooklyn Beckham asked for more pocket money, his parents helped him secure a Saturday job in a local cafe, paying £2.68 an hour.

The right amount of pocket money can teach children important budgeting lessons, with decisions to make on how to spend or save. Pocket money is often rewarded on light housework and chores, that teaches the children to participate in the household as well as preparing them for adulthood.

Pocket money can be given as early as to 5 year olds. How much to give varies a lot. According to a survey of Halifax Bank (from 2014) children aged 8 to 15 years old get in average £6.35 a week in the UK, with children in London get almost £2 more.

We started with pocket money from age 5 for our children, with £2 per week. At the age of 7 this was raised to £3 and at the age of 9 it was again raised to £4 per week.
From age 5 the chores included tidy bedroom every night and made bed in the morning. If they failed to do the task one day, they could be given an additional task such as help with laundry to still achieve their weekly pocket money. The pocket money is used for sweets and saved to things they wish for.

From the age of 13 children can do light work, for example in retail, paper round or like Brooklyn Beckham, work in a coffee shop. Worth noticing is that a child may not work more than 12 hours a week during term/school time. Also that School-aged children aren’t entitled to the National Minimum Wage, which is £3.79.

Little B is 13 years old and has already started working. She occasionally do babysitting for our neighbours. She is enjoying both the responsibility and the work in itself as well as the money she earns.

Next thing will be to secure a Summer job. And it all started with making her bed at 5!

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