UK Kids are Stepping up to Boost the Family Bank Balance
As parents’ pockets come under pressure, British children are stepping up to the plate and helping to boost the family bank balance, according to pocket money experts, Roosterbank.
Parents who pay out for a car wash at £15 a month or who lean on a cleaner at £30 each per week, would save hundreds per year if they allow their children to pitch in on extra household jobs for a reward.
However parents choose to do it, getting paid for extra jobs will make children think carefully about how they spend and save any pocket money they have earned
The free-to-use website (www.roosterbank.com), which helps parents develop pocket money routines, analysed data from 1000 of its young users, identifying a healthy trend in children being rewarded for household tasks that might otherwise cost parents hundreds of pounds a year.
Ben Edwards, CEO of Roosterbank, said: “The Budget will once again lead parents to take a close look at their household expenditure. It is a great opportunity to start talking to their children about managing money and we know the immense value of having that conversation early on in life.
“Pocket Money can help children get a head start when it comes to taking personal responsibility for their own earnings and inject money back into the family pot each year.”
It’s not just families that are feeling the benefit of the UK’s young earners. In the past two months Roosterbank has seen significantly more children choosing to donate pocket money to charities via www.roosterbank.com, buoyed by such appeals as Comic Relief signalling a fresh wave of altruism among some of our youngest citizens.
Ben added: “We understand that parents work in different ways - some choose to pay pocket money directly for bigger jobs while others prefer to use a star chart to determine the size of reward.
“However parents choose to do it, getting paid for extra jobs will make children think carefully about how they spend and save any pocket money they have earned.”
Roosterbank.com is a free website which helps kids manage their own pocket money. The site lets you take charge of your earnings, so you can choose to save it, spend it, give to charity or take it out.
The Rooster Shop gives you access to all the latest books, crazes, games and toys, and the site even has its own online community where you can play games, chat to friends and get the latest reviews and competitions.
To find out how the Budget 2013 could affect you and your family, check out How the Budget 2013 Could Affect You and Your Family.