New research has revealed which gender comes out on top when it comes to childhood finances.
Australian company Roy Morgan has revealed that girls are paid more for chores that they do and are more likely to save, whereas boys received more money as gifts from friends and family.
The figures showed that while girls are paid $93 (£52) per year for birthday gifts, boys are paid $104.03 (£58).
However, on average, girls were paid more for chores – $6.20 (£3.30) a week as opposed to boys’ $4.78 (£4.68) – meaning that they are 50 cents better off each week.
But, thanks to generous relatives at Christmas and birthdays – boys have managed to save more – $11.22 (£6.29) more on average.
Where do you stand on paying for chores? A leading children’s education expert and former school counsellor Pauline Haycraft discussed pocket money – and how much parents should pay their children with the Daily Mail Australia.
‘I feel very strongly about this… If you pay [children] for chores, you’re only making a rod for your own back. Say, for instance, you ask them to make their bed. They might reply: “You pay me first”.
‘It’s important to give them a sense that a family is a community, and one that they live in and must help to contribute to organically.’
Instead of bribing your children to help around the house and paying them in return, Pauline advises parents to explain where the money is coming from.
Outline how the parents earned it and intend to share a small portion. It’s also important, as parents, to outline expectations for how the money is spent and teach them how to save.
‘It’s important to tell them that they must save a certain portion of their pocket money each week so they don’t just spend it all on lollies,’ she said.
‘Part of the exercise is teaching them – if you want them to learn independence and the value of money, show them how to save.’
In addition, Pauline says that kids must physically see the money they’re being given, not just random bank entries.
‘I think a formal handover is best, and that you should physically hand over the cash to give them a sense of a transaction,’ she said.
She also added that you shouldn’t cancel paying your children, even if they misbehave, as it creates a lack of trust.
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Lastly, she revealed how much you should pay your children – and outlined a simple strategy for knowing how much is best.
‘I reckon pocket money should start around the age they get their second set of teeth,’ she explained.
The expert advises, when it comes to deciding on pocket money, give them an amount in accordance to their age.
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