Media comment: Halifax pocket money survey

Friday 3rd June 2016

Kirsty Bowman-Vaughan, Senior Young People Policy Manager for the Money Advice Service comments on the Halifax Pocket Money Survey

It is great to see that children are putting their pocket money to good use and that they are becoming savvy savers. It’s a good sign that parents are encouraging them to do this, as they are the biggest influence on their children’s money habits. We know that children develop attitudes towards money at a young age, most commonly prior to seven years old, and so it is important to start building good behaviours as early as possible. We also know that introducing your children to money at an early age, for example giving them pocket money, makes a difference. Our insight shows that the more parents talk to their children and give them responsibility from an early age, the better they are at saving and planning for the future. You can find ideas and activities to teach your children about money on the Money Advice Service website.”