Halifax

Does half term mean hard work?

26 October 2013

With half term on the horizon, seven out of ten children (69%) are set to spend at least some of it doing household chores, according to the latest research from Halifax.

Tidying bedrooms (47%) tops the list of errands that the UK’s 8-15 year olds will be embarking on in exchange for pocket money, followed by washing up (27%), cleaning (24%), vacuuming (22%) and doing homework (20%).

While the majority of kids will be earning their keep, 30% are still set to get paid without having to work for it, so how exactly are the ‘wages’ of our pre-work population set?

Parental perspective
The majority of parents who give their children pocket money base the amount they give on what they believe will help their children understand the value of money (42%) although one in four (24%) say the amount has to be earned through housework.

Parents in Scotland, the North East and Yorkshire are the most likely (22%) to encourage their children to earn their money through housework while those in the North West are least likely (7%) to align hard cash with hard work, and twice as many parents here (15%) prefer to simply give their children just as much as they can afford.

Dads are more likely than mums to make their kids earn their keep through household chores (26% vs. 22%), although more women than men (44% vs 40%) set the amount of pocket money at a level which they think will help their children understand the value of money.

Richard Fearon, Head of Halifax Savings, says;
“There are many different ways that parents can help their children’s financial understanding. Whether it’s through hard work, good behaviour or simply by saving their pennies and spending them more wisely, it’s great to see children getting first hand experience of managing their own money, which will be of real benefit

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