PPI Claim News - 4/10/2012
Credit card claims: Teach children about cash 'by not giving pocket money'
Parents may be able to prevent their children struggling with credit card claims in adulthood by refusing to give them pocket money, it has been said.
This is according to Ray Black, money-minder.com managing director, who said this is "the best way to teach children about money".
"If they want money, they need to earn it," he argued, suggesting that children must be taught that "money doesn't grow on trees".
His statements directly contradict those made by author of Raising Children: The Primary Years Liat Hughes Joshi, as well as head of banking at MoneySupermarket.com Kevin Mountford, who both said that giving cash to kids could help them get to grips with financial planning.
Mr Black revealed he does not give his teenagers any pocket money, but instead pays them for completing "specific jobs", such as vacuuming, dusting, ironing or mowing the lawn.
Other jobs, such as washing up or cleaning bedrooms, do not result in the youngster getting any cash as these are "expected duties of being part of a family household", he added.
Jennifer's speciality knowledge is credit card changes and balance transfers.
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