SAVING ACROSS GENERATIONS

THE FOREMANS

Teacher Julie Foreman, 48, has had some practice when it comes to doling out pocket money, but changing family circumstances have created new challenges. She has two children in their 20s, one of whom runs a business, and the other she says is good at saving.

She is trying to take a similar approach to pocket money with her younger children, Isabel, 11, and Matthew, 10. “Isabel gets £4 a week and Matthew gets £3 a week,” she said. “I used to try to pay pocket money as a reward for doing a specific chore, but I found quite quickly that if they didn’t need the money they just wouldn’t do the job.

“They have to keep their bed made and their rooms tidy for a weekly inspection. Sometimes they can earn a bit extra if they help me or my husband to clean the car or something.”

She added: “When the older children were younger, we weren’t as well off so they have both grown up very much understanding that if you want something you have to work. Now we are in a position where if the younger ones want something I know that I can afford it but, actually, what image would that send to them?”