IT PAYS TO HAVE THE CONVERSATION

Parents aren’t always above board with their children when it comes to money. Research by the Financial Planning Association reveals two out of four adults have raided a child’s piggy bank or bank account to pay for urgent expenses. One in three have lied to their kids about money and 27% avoid talking about it. Paying pocket money can be a great way to start a conversation about money, budgeting and saving. When it’s paid in return for age-appropriate chores, it can also show that income needs to be earned. However, a few gold coins won’t cut the mustard with today’s youngsters. One in seven teens receive $40 a week, though the average ranges from $6 a week for four- to eightyear-olds to $18 for teenagers.