London - Pocket money should be earned not just handed over, so that children learn about finance, a Dragons’ Den investor said.
Sarah Willingham claimed simply giving cash to children who do not perform chores leaves them with the wrong idea of money.
She said: “Good financial sense is an essential life skill. There are all sorts of ways kids can earn pocket money, from washing the car to walking dogs. Pocket money should be earned not expected.”
The 42-year-old restaurateur, a mother of four, was speaking as a report said 85 percent of children receiving money do not always earn it.
The Experian study found one in ten parents who pay simply hand cash over and their children receive the most, £54.31 (about R1 000) a month – the average is £34.97.
Willingham, who appears in the current BBC series, has developed a free youth money skills app, Jangle, with the consumer credit firm Experian.
Daily Mail