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PPI refunds: Pocket money 'can teach kids about cash'

Mothers and fathers might be able to reduce the likelihood of their children incurring loan charges or having to make bank claims in the future by giving them pocket money.

This is according to parenting writer and author of Raising Children: The Primary Years Liat Hughes Joshi, who called it a "brilliant way" to teach youngsters the value of cash.

She stated that the spends ought to be provided from around the age of six or seven, as a typical child would have accumulated enough knowledge of maths to be able to handle money by this point.

It is not necessary to give kids "huge sums" at this age, the specialist remarked, arguing 50p or £1 every week should be adequate.

Parents can either "choose whether to pay pocket money automatically, or to make it dependent on good behaviour or chores", Ms Joshi said.

She had previously claimed she would no longer give her son cash to spend if he began to seem "grabby and ungrateful" about it.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801352378-ADNFCR



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