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Finance Friday - Pocket Money Stats, Mobile Movers & Grandparents' Wisdom

It’s the last weekend of August…sigh. But fear not, even though the heat and humidity may be fading out for good, Finance Friday will still be here come next week, dressed in autumn colours to suit the change of season! But for now, see our latest highlights in children’s finance below.

Nearly three quarters of all UK parents give their kids pocket money

A survey of 1500 UK parents revealed that 73 per cent give their children pocket money, averaging around £5.75 per week, but varying across region and age group, with Londoners receiving an average of £13.12 per week. The survey also showed that one in five eligible teenagers had part-time jobs to help cover their expenses. Interestingly, some parents in the study (two per cent) revealed they refused to set limits for their children, giving them “as much as they need.”

We definitely agree that giving children pocket money is a great way to help empower kids to learn about earning, saving and spending and lots of our members have found that encouraging their children to earn it by doing tasks or along side part time jobs also helps to install great money habits. Why not have a look at our tips for teaching children the value of money if you’re wondering what the best way is to help and empower your children to learn great money skills.

The older the wiser: grandparents underwriting parents when it comes to money advice

Nearly 75 per cent of all grandparents say they are still giving their children money advice, says research from J.P. Morgan Asset Management. Two thirds of their children say that their advice was mostly well received. One in eight of all grandparents thought otherwise, however, believing their advice was only well received when they spoke with their grandchildren- of which 48 per cent of all grandparents surveyed said they give advice to. In the case of finance, age really does bring wisdom- and morals. Parents and grandchildren alike, take heed of what your elders have to say

Getting mobile from a young age: nearly one in 10 children acquire their first mobile by age five

While the average age for a child’s first mobile remains at ten, nearly one in ten are receiving their first phone at half that age, with parents spending an average of £125 on their child’s first phone.  Further, more than four in ten adults admitted they don’t pay attention to their child’s phone bill, and only 25 per cent set limits on their contracts. Especially when buying a child his or her first phone at such a young age, it’s crucial to set limits and teach children about using their gadgets responsibly- make sure to always keep a watchful eye.

Based on our news from this week, if there’s anything we could emphasise, it’s the importance of instilling good money management habits in children from a young age. This includes setting limits, giving children a monthly budget to organise, motivating them to save, and of course, setting the right example. If you follow these steps, you can give your child and yourself each a gold star 😉

goHenry is a unique earning, saving and spending solution for parents with children 8 - 18. Start your free trial of goHenry today by clicking here.

goHenry, a unique earning, saving and spending solution. Perfect for parents with children from 8-18.

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