Money Morals: Should I ‘bribe’ my kids to do their chores with extra pocket money?

Pocket money can play a huge part in teaching kids about the value of money and how to manage it.

Over three quarters of parents dish out cash to their kids each month, with British children receiving an average £18.36, while those in London get £26.70.

But many parents are using cash both to reward kids for good behaviour and withdrawing it to punish them when they step out of line, according to new research from Santander.

Pocket money: Should kids earn extra cash for good behaviour?

Going one step further, a fifth will make their kids pay a fine if they don’t complete their responsibilities around the house, according to the bank’s poll of 502 parents.

As many as 15 per cent fine their kids for behaving badly in school. And on average, the Santander research suggests that parents hand over an extra £7.70 to kids for behaving well. 

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Boys paid more than girls from childhood 

It seems the gender pay gap starts as early as childhood, with boys rewarded with 33 per cent more than girls. 

Boys are paid an average £6.99 for completing jobs around the house compared to £4.67 for girls.

Good behaviour in school earns boys an average £8.28, double the amount handed over to girls for the same reason, at £4.18.  

Some parents also ‘tax’ their kids, asking for money from them to contribute to household costs, and as many as 42 per cent replied that deducting a proportion of pocket money was a good way to prepare young people for the real world. 

What do you think? 

With this in mind, we invite you to help solve a dilemma as part of our Money Morals series. 

Should we ‘bribe’ kids to do their chores with extra pocket money or is motivating them with cash a bad idea?

Leave your answer in the comments at the bottom of the article. 

Have you got a Money Moral? 

Do you have a money or consumer related dilemma? Do you wonder what others would do in the same position? 

Send us your question to editor@thisismoney.co.uk with Money Moral in the subject line and we will consider it to pose to This is Money readers.

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