Pocket money blues By Trevor Lang British children are getting less pocket money than last year, writes Sandra Broom

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Pocket money blues
By Trevor Lang
British children are getting less pocket money than last year, writes Sandra Broom

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Pocket money blues refer to the decreasing amount of pocket money that British children are receiving compared to the previous year. According to Sandra Broom’s article, children in the UK are receiving less pocket money than they did in the past. This trend is concerning for parents and children alike, as pocket money is an essential part of a child’s financial education and independence.

The decrease in pocket money can be attributed to several factors. One of the primary reasons is the economic downturn caused by the COVID-19 pandemic. Many families are struggling financially, and parents may not be able to afford to give their children as much pocket money as they did before. Additionally, the rise of digital payments and online shopping has made it easier for children to spend money without realizing how much they are spending. This has led some parents to be more cautious about giving their children too much pocket money.

The decrease in pocket money is concerning because it can impact a child’s financial education and independence. Pocket money is an essential tool for teaching children about money management, budgeting, and saving. It allows children to learn how to make decisions about how to spend their money and to understand the value of money. Without pocket money, children may not have the opportunity to learn these important skills, which can impact their financial well-being in the future.

To address the pocket money blues, parents can take several steps. First, they can talk to their children about the importance of money management and budgeting. They can also set clear guidelines for how much pocket money their children will receive and what it can be spent on. Additionally, parents can encourage their children to save a portion of their pocket money each week, which can help them develop good saving habits.

In conclusion, the pocket money blues refer to the decreasing amount of pocket money that British children are receiving compared to the previous year. This trend is concerning because pocket money is an essential tool for teaching children about money management and independence. To address this issue, parents can talk to their children about the importance of money management, set clear guidelines for pocket money, and encourage their children to save a portion of their pocket money each week.

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