'We hope our children will learn the value of money.' 💷📱 Parents go digital with pocket money.
pocket money to your child, although many parents still prefer the traditional method of giving cash. Despite the surge in digital payments over the past couple of years, it is estimated that around 60 per cent of parents are still opting to give their children cash.
The other benefit of saving through a bank is that your child is likely to receive interest on their money. HSBC’s Premier MySavings easy-access children’s account pays interest of three per cent – the highest on the market – on savings from £10 to £3,000. These allow parents to track and manage their children’s spending through the app, and many come with a pre-paid debit card for older children. These cards give the child a certain amount of independence when shopping while giving the parent oversight on their spending, and even the ability to set spending restrictions.
To earn this money, Freya needs to clear away her plate after eating, hang up clothes and occasionally vacuum parts of the house.Victoria, 41, a life coach based in Nottingham, pays the pocket money into a children’s bank account in Freya’s name. The money is transferred from her joint account with her husband Adam to Freya each week.
“I hope to teach her the true value of money. To know how much food and petrol costs, for example. We want her to understand the value of things. We also aren’t shy of saying: ‘No, we can’t afford that right now but we can save to make it possible next year.’
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