Related: Pocket money tales: 'My son called me a disgrace for giving him only £5,000 on his 18th birthday'3 Only link pocket money to chores if you are prepared to run the risk of your children asking for money for anything you want them to do. The social psychologist Adrian Furnham found that parents on middle incomes were more likely than those in poorer families to link pocket money to housework. Claudia Hammond is the author of Mind Over Money – The Psychology of Money and How to Use It Better. 2 Give them regular pocket money rather than random handouts whenever they ask for cash. You might not want to go as far as that, but you could start asking their opinions on what it is – and isn’t – worth spending money on.

Source: The Guardian May 28, 2016 05:37 UTC