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Educate children about money

The spokesman for budget account provider, Ian Williams, said, although parents and guardians were good at giving pocket money to the children in their care, they were not so good at providing them with needful financial education.

Mr Williams said: “There is no wrong age to start teaching children the importance of budgeting, saving and money management, and giving kids a few pence each week is a great way for them to start learning.

“In particular, if children can be encouraged to save up for larger items, this might help develop a culture of thrift that will stand them in good stead in later life.”

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His comments came as a poll conducted by ThinkMoney revealed that most parents in the UK begin giving pocket money to their children when they are three years old.

Statistics:

Half of 3-year-olds who get allowance receive up to £1 a week

Pocket money rises from pence to pounds at age five

Average 15-year-old receives between £7 and £8 a week

63% of four-year-olds get pocket money each week