When it comes to children and money, it’s a good idea for them to learn about the value of money from an early age. If you teach them how to manage money properly it will set them in good stead for later in life.
In the event of parents separating or divorcing, who is responsible for providing pocket money to the children?
If parents are separated it could mean that the child gets the best of both worlds with a double helping of pocket money each week, but is this a good idea? Understandably, both parents may want to support their children, but to give them twice as much pocket money may not be effective in teaching them the value of money.
The benefit of children learning the value of money at a young age is to help them make sensible decisions about how they save and spend their money as an adult.
When going through a separation, there will need to be consideration as to how much child maintenance the parent with whom the child or children have their main base should receive each month. It would also be sensible to agree which parent will be responsible for providing pocket money to the children each week.
In some cases, both parents would like to be able to provide the funds so an appropriate figure from each needs to be agreed.
Pocket money should be given out on the same day each week, this way the child will come to learn that if they do their assigned chores they’ll receive their pocket money on this set day. This is gradually introducing your child to the world of work. For more information about teaching your child about money, click here.
Senior Family Law Solicitor Vicki McLynn says, ”It is a good idea for parents to try and agree arrangements for providing an allowance or pocket money to their children. This is an area which can often cause conflict. One parent may feel the other is spoiling the child or feel upset that they can’t provide the same amount of pocket money. Being open about worries and concerns can help to reach a compromise and avoid conflict between parents”.
If you have recently separated or are going through a separation or divorce and have concerns about money in relation to your children, Slater and Gordon have an expert team of family lawyers who offer an initial consultation for all family and divorce matters.
For an initial consultation with a Family Lawyer call freephone 0800 916 9055 or contact us online and we will call you.
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