Welcome back to our weekly installment of pocket money news, financial education findings and general fiscal facts. Be sure to comment below with any thoughts on the stories – we love to hear from you.
Aviva says ‘No’ to Financial Education
In somewhat surprising and disappointing news, insurance giant Aviva has questioned whether investing in financial education delivers sufficient “commercial benefit” to make it worthwhile. Speaking at the Personal Finance Society annual conference in Birmingham last week, Aviva UK life retail and partnerships director Andy Curran said the provider must balance its social responsibility with its responsibility to its shareholder.
He said: “The weakness of investing in financial education is, we need to get a commercial benefit, and we need to get a commercial benefit reasonably quickly. We do take our responsibilities as one of the largest insurers in the UK very seriously. We believe we have a social responsibility and a responsibility to the industry, but equally we have a responsibility to our shareholders.”
A for Effort…and for pocket money
We wrote about this story yesterday in our blog, which you can read here, but in case you missed it, a nationwide survey in India has revealed 50 per cent of parents felt that the best way for children to earn money is by rewarding them for good grades.
According to Brett Morgan, country head, branch banking and private clients at ING Vysya Bank, “Indian parent’s outlook towards giving money to their children is unlike parents in the west, who treat pocket money as a reward for household chores. Indian parents instead use it as a way to reward better grades and [a] higher degree of responsibility.”
We wonder if this trend of rewarding our children for good marks over completing chores will be seen here in the UK anytime soon…if not already?