On this episode Sarah and Georgia talk about how much pocket money you should give your child.

KEY TAKEAWAYS

There's no right answer here, and it depends on how much you can afford and what you think is reasonable. There have been numerous surveys conducted which give a rough idea of how much parents are giving their children.

A survey of NatWest Rooster Money users found that the average weekly pocket money in the UK was £6.14, with £3.21 a week for 4 year olds, increasing to £11.64 a week for 14 year olds.

Research from Barclays showed that over two thirds (68%) of parents reward their children with pocket money for doing chores around the home.

The research from Barclays suggests that children will receive an average of £7.58 a week this year, up from £6.97 a week last year.

The giving of regular pocket money is more important than the amount you decide to give your child.

Giving children the opportunity to spend their own money will help them decide how they spend it, when they spend it and whether they want to save it.

BEST MOMENTS

'What age do you start giving your child pocket money?'

'Some kind of visual plan with key milestones, which they can tick off along the way, is a great way to demonstrate progress and get your child excited about watching their savings grow.'

'What's your favourite chore?'

'There's satisfaction in doing that.'

'I got a job at 16.'

'This is on me boys.'

'You must be a lady of leisure. You have these 2 kids cleaning your house, cleaning your car.'

ABOUT THE HOSTS

Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!

The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.

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