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Bank charges: Pocket money 'teaches children about financial management'

Brits who wish to help their children avoid incurring loan charges or making credit card claims could introduce them to financial management through their pocket money.

Author of Raising Children: The Primary Years Liat Hughes Joshi called this a "brilliant" way to introduce youngsters to monetary issues.

He recommended that mothers and fathers start giving their children spending money from around the ages of six and seven, as this is usually the time that people develop the mathematical skills needed to deal with cash.

"Some parents link pocket money to chores or good behaviour," the expert pointed out, claiming this approach is "fine" but recommending that rules about payments are consistent and clear.

Mums and dads may also be able to assist their children in financial matters by "being good role models about consumerism", such as by demonstrating how there is "more to life than the fanciest gadget or the flashest trainers", Mr Joshi suggested.

A recent study from Skipton Building Society found parents typically spend almost £500 every year on trendy products for their offspring.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-801445738-ADNFCR

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