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Research shows most Australian kids are getting handed pocket money for nothing.

56 per cent of children don’t lift a finger to earn their money, an exclusive News Corp survey of more than 1200 parents has found, shares Herald Sun.

About 30 per cent of children are under the illusion money comes from somewhere other than hard work — including parents, the bank or even the supermarket.

But the Barefoot Investor, Scott Pape, believes the secret to success when teaching kids about money is making sure they handle physical cash.

The rise in “tap and go” at the checkout has made it tougher for kids to understand; his method of using jam jars to save their money, then later graduating to accounts, makes it real.

“It’s more important now with money becoming invisible so for me using jam jars makes sense,” Pape said.

“They want to see the money and have a direct link between work and the money piling up.”

“A lot of parents are sporadic with their pocket money, in my view kids need to do jobs and if they don’t do the jobs they don’t get paid,” Pape said.

“It’s really easy to do, it doesn’t matter how much you pay them, for some families it could be a dollar per age per week, so $6 per week for a six-year-old.”

The survey also showed 82 per cent of parents believe kids should be taught about money at school and in the home, but about half are not happy with the financial education kids are getting at school.

Are your children expected to do chores to earn their pocket money?

Share your comments below

  • When I was a kid I was made to do jobs around the home and I never got paid for them. There are certain things you need to do in adult life that you don’t get any reward for but it has to be done!

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  • Absolutely! All chores come with an amount and just like work money is paid. Good to set the pattern early on in life and to teach children about money literacy.

    Reply

  • Our kids are expected to do chores and help keep the house tidy. We personally have never paid our kids for doing chores. Making your bed, tidy after you play, doing the dishes, putting the bin out, are all things which are part of normal life. When our kids are adults, they will need to do these, without getting paid for it.

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  • i struggle with this as i think chores should be part of everyday life and not rewarded or made into bribes. if you do this you will get that. – However having said that it is entirely up to the family what they choose to do and what works for them.

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  • Compared to most families we were given very little pocket money. All necessities were bought for us. If we misbehaved we missed out on other treats. Out of my pocket money I paid for my Girls Brigade Fee every week. I never wanted extravagant things anyway. If I knew Mum and Dad couldn’t afford something I didn’t ask. Unfortunately my Dad suffered some injuries and had a lot of time off work. He often ran out of sick leave. The bills were always paid on time and we were well fed and cared for. Some of our vegetables were home grown and we had fruit trees or we would have really struggled.

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  • My kids have to do chores and if they don’t then no cash!

    Reply

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