Happy Friday everyone, we’ve made it mid way through August! But the weekend hasn’t started just yet - see our latest Finance Friday news and tips below before you head off to the sun.
Today’s children are receiving more pocket money than ever before, a recent study finds. As summer continues and children have more free time, parents are handing their kids as much as £260 in pocket money. 42 per cent of parents say, however, that they are ‘dreading’ the cash burden and the affect it has on their personal finances. Further, 20 per cent admit that their children have guilt tripped them into handing them more money (what can we say, itC’s happened to the best of us!). But as parents give more it’s important they are doing so whilst instilling positive money habits in their children and helping them understand the value of money. Our unique earning, saving and spending solution supports parents to achieve this.
Parents are spending an estimated £4,800 every year on keeping their children entertained, be it from amusement park adventures to traveling, and more. But the good news is you don’t need to shell out money to keep your children entertained. Check out our full list of free events throughout August for some great ideas, from the Bristol International Balloon Fiesta to the Eastbourne International Air show, and more.
He may still be less than a month old, but the royal baby is certainly proving his worth- quite literally. The Centre for Retail Research estimates people will spend as much as £243 million in connection with the royal birth, with everything from toys, souvenirs, party celebrations, books and more. We suggest the government utilises the added revenue to celebrate all families - how about an extra tax break for all parents in the UK? One can always dream…
A report published by the Money Advice Service last week revealed two in three Brits agreed to being ‘very organised when it comes to managing money’ today. At the same time, however, nearly half of all adults admitted to struggling when it came to paying their bills, up from one in three in 2006. Further, despite the positive attitude when it comes to being organised with expenditures, many adults still lack basic financial knowledge. One in six were unable to identify their balance on a bank statement. For these reasons and more, it’s especially crucial to begin financial education early. Which, again, is just another one of the many reasons we created goHenry, to promote a hands on way of learning about money management and responsible saving and spending from a young age.