A half of parents dismiss pocket money, financial services provider indicates

Mon, 19 Feb 2007

Approximately half of parents are not giving children any pocket money, according to the latest figures, with many parents apparently favouring investments options instead.

Statistics from financial services provider engage Mutual Assurance for its 3GB savings campaign reveal that 48 per cent of adults do not give children aged 16 or under regular pocket money.

Meanwhile, 41 per cent of parents polled explained that they had managed to make regular payments into their child's investments and savings accounts during the last half a year.

Karl Elliott, 3GB spokesperson for the financial services provider, encouraged parents to regularly add money to tax free savings accounts.

"By contributing little and often to government child trust funds, parents and other relatives could save a useful sum tax-free to help their children get a foot on the ladder when they reach adulthood," he said.

However, he added that giving pocket money also has advantages in that it teaches kids basic banking skills such as budgeting and saving.

A maximum of £1,200 per year can be invested into a child trust fund, which could potentially accumulate a substantial amount of interest by the time that the savings account matures.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

Investments Newsletter

Investments Newsletter