Life

Teaching our children the importance of becoming a savvy saver

Suzanne McGonagle

Suzanne McGonagle

Suzanne has worked at the Irish News since 2004. Her particular areas of specialism are news and education.

The time-honoured tradition among parents of doling out weekly pocket money has reached its highest level for nine years
The time-honoured tradition among parents of doling out weekly pocket money has reached its highest level for nine years The time-honoured tradition among parents of doling out weekly pocket money has reached its highest level for nine years

IT'S good news for kids - pocket money is going up.

The time-honoured tradition of parents doling out weekly pocket money has reached its highest level for nine years.

New research shows today's kids have seen their 'income' rise over the past year, with little ones receiving an average of £6.55 per week from a parent or guardian.

According to this year's annual Halifax Pocket Money Survey, it's the highest amount kids have received since 2007 with four out of five children getting a weekly sum.

The research, which has been running since the 1980s, also shows that pocket money levels have increased by six per cent compared to last year.

Nine year-old children receive the least on average at £4.68 a week, while 14 year-olds receive the most at £8.03.

Surveys such as these raise the thorny issue of how much pocket money, if any, we should be giving our children.

It's one of those things that mums and dads will have varying opinions on.

Like many parents, I have grappled with the issue of giving my children pocket money, as well as what age to start dishing out the cash and what the weekly sum of money should be.

There's two sides to the argument - the desire not to give children too much versus the need to allow them to understand that money simply does not grow on trees.

What I found most interesting about the recent research was that the message about saving and not spending is clearly getting through to our children.

Rather than splurging their pocket money on sweets, toys and games - the majority of kids surveyed are putting some of their money away for a rainy day.

The research revealed 10-year-old kids tended to be the best savers, with 88 per cent of this age group putting all of their pocket money to the side to save.

However, like many others things in life that change, the onset of the teenage years results in 13-year-olds being the least likely to save.

I haven't begun the process of weekly pocket money with my children just yet, instead I keep their wallets for school topped up with a few coins every week.

While my four-year-old is still too young to understand, my two other boys appear to be savvy savers, banking all their birthday and Christmas cash gifts and smiling when the bank statement arrives telling them how much is in their account.

Regardless of your view, there's no doubt that providing a small regular sum is an extremely useful training tool in showing children how to manage money from a young age.

It allows our kids to appreciate the modern day cost of buying things as well as fostering a savings habit.

Not only does it help to teach children about the value of money, but it also helps them learn about saving it.

Children should be learning money management skills from an early age and not waiting until adulthood, often when they're already up to their eyeballs in debt.

Getting to grips with good financial sense is an essential life skill in the same way as learning to swim or ride a bike.

Children need to learn that pocket money should be earned and encouraged to take part in activities that bring a reward, such as cleaning the car or walking the dog.

They will not only become savvy about saving, but they will also finish up with a feeling of achievement.

Getting children to set aside even just a small amount each week can help them to develop a strong savings habit that will serve them well through to adulthood.

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Competition

The Dalriada Festival takes place this year at Glenarm Castle on July 16 and 17 with both Andrew Strong from The Commitments and rock legends Bagatelle due to perform.

Andrew Strong and his Soul Orchestra will play on Saturday July 16, his only Irish date for 2016 and coincides with The Commitments' 25th anniversary.

Bagatelle, who announced their retirement a few months ago, have reformed and decided to perform 'One for the Road' at the festival, also on July 16.

Day passes for the Dalriada Festival at Glenarm Castle are available from www.dalriadafestival.co.uk or from Ticketmaster. For festival tickets and transport packages direct from Belfast contact www.irishtourtickets.com or phone 028 90310101.

Dalriada Festival has teamed up with The Irish News to give three pair of tickets away to Andrew Strong's gig at the Dalriada Festival as well as the Bagatelle performance.

To be in with a chance to win, simply email your name, address and telephone number – along with the answer to the question below - to competitions@irishnews.com

Closing date for entries is Tuesday June 21 at noon.

(Q) Andrew Strong starred in which movie celebrating its 25th anniversary this year?

Normal Irish News Rules Apply

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What's Hot!

On Your Bike - Little Wing has launched a 'Get On Yer Bike' giveaway in celebration of Bike Week, offering kids the chance to win brand new bikes across each of their six restaurants. Simply enjoy a tasty Little Wing pizza, fill out an entry form and you could be in with a chance to win.

Food lovers - The Comber Earlies Food Festival takes place on June 25 with lots of delicious food on offer. Sample the world famous Comber Earlies or some delicious locally produced food from the artisan Food Fair. Celebrity chef Tom Hunt will be making a special appearance at the event.

What's Not!

Addicted - Susanna Reid has admitted she has to delete the Twitter application off her mobile phone on a daily basis because she's addicted to it. The television presenter said she restricts her use of social media at home to stop being "drawn to it all the time".

Complaints - Big Brother may face an Ofcom investigation following more than 250 complaints from viewers about controversial and explicit scenes aired this weekend.

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Competition winners

The winners of last week's competition to win a copy of the book Distress Signals are Mary Rafferty from Armagh, Caroline Murray from Swanlinbar and Margaret Scullion from Maghera.

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Easy Peasy Recipe

This week's Easy Peasy Recipe is Strawberry Jam with Lemon and Mint, courtesy of McKinney’s.

You will need:

500g strawberries

250g McKinney’s Sure Set Jam Sugar

Zest and juice of 1 lemon

2 tbsp fresh mint

To make:

Rinse and hull the strawberries. Chop or blend any larger ones.

Put the berries in a pan together with the sure set jam sugar and lemon. Bring to the boil and simmer for 2-5 minutes.

Do a consistency test by dropping a little jam onto a cold plate to check if the consistency is correct.

Remove the pan from the heat and carefully skim off any foam.

Add the fresh chopped mint.

Pour the jam into hot, clean jars and seal immediately.

Store in a cool place.

Do you have an Easy Peasy recipe you would like to share?

Are you the queen of quiches, magnificent at muffins or can you turn out some nice scones?

If so, then we want to hear from you.

You can send your name, address, contact number and recipe (plus photo if possible) to:

Easy Peasy Recipes,

Suzanne McGonagle,

Irish News

113-117 Donegall Street,

Belfast,

BT1 2GE

or

s.mcgonagle@irishnews.com