Should pocket money be earned?
Some parents argue that their children should be expected to do chores and should not expect to be paid for them. But others think it will give children greater pride in their money if they have worked to earn it.
Some parents suggest as a compromise you could pay pocket money for some household jobs and not others.
Giving children pocket money helps to teach them about the value of money. If they have to save up for something it will give them a better appreciation of the things they own.
One parent told us she disagrees with her husband on the issue, she thinks they should get pocket money as a separate thing as a lesson in managing finances. Her husband thinks they need to do chores to earn it.
According to the Money Advice Service, the average amount given to children aged eight to fifteen in the UK is £9.70, which could be pocket money, made up through an allowance or earned.
There is a big jump in income depending on age.5-10 year olds are given on average £7.30. While 11-16-year-olds pocket £22.90.But that is boosted by 15% of 13-16-year-olds who work part-time.
Do your children have to to do chores to earn their pocket money?