Are you good with money? Read the text to find out about British teenagers and their cash!

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What do you do with money? Do you spend it or save it? Do you keep money in a piggy bank or do you have a bank account? Do you get pocket money from your parents or do you work to earn money?

Pocket money

Most teenagers in Britain receive pocket money from their parents. A report by the Bank of Scotland interviewed over 1,000 young people in Britain and found that 77 per cent get pocket money. They might have to do chores to get their pocket money, helping at home with tasks like cleaning, cooking, washing up, taking out the rubbish and ironing.

Different families give different amounts and the average for eight- to fifteen-year-olds in the UK is about £6 a week. Children in Scotland receive more than the national average and Londoners get the most. Teenagers, logically, get more money than younger children. Some fifteen- to nineteen-year-olds receive more than £100 a month. The report found that many children save at least a quarter of their weekly pocket money and that more boys than girls save their money. 

I get £80 a month. I have to buy my own clothes with that too.
Chris, 17, from London

I get £5 a week. I get it on Saturday after I clean my bedroom.
Charlie, 13, from Edinburgh

Part-time work

A part-time job is an option for teenagers who don’t have pocket money or who want to earn extra money. About 15 per cent of teenagers have a job. Only children over 13 can work but there are some exceptions, for example, for actors. Popular part-time jobs for teens include babysitting, delivering newspapers to houses, shop work and restaurant or café work.

There are strict government laws about children working. They can work a maximum of two hours a day on a school day but not during school hours. At weekends and during school holidays, they can work longer hours. As for wages, the national minimum wage for under-18s is around £4 per hour and it increases every year. The minimum wage is higher if you are older.

I babysit for my neighbours. Looking after young children in their home when their parents have gone out for the evening is a popular job for teenagers. You get paid for watching children and television all at the same time!
Sam, 16, from Chesterfield

I work in a greengrocer’s shop on Saturday mornings. I get £5 an hour. Not much but it means I can buy new clothes or whatever I want.
Amber, 15, from Aberdeen

Banks

In Britain, some children and teenagers have a bank account. There is no legal age limit at which you can open a bank account but a bank manager can decide whether to allow a child or young person to open an account. Parents can put pocket money directly into their child’s bank account. Some banks have a prepaid bank card designed for young people. Parents can add pocket money to the card then children can use it to pay for things, without carrying money.

It’s good for kids to have a bank account so that they can learn about how to save money and how to be responsible for their own money. I’ve had a bank account for ages.
Jana, 16, from Canterbury

I don’t need a bank account – I keep my money in my piggy bank at home. I’m saving up for some new football boots. My dad says that it’s not the safest place to keep money but at least the bank isn’t making a profit from my money!
Ruth, 13, from Warwick

So, many teenagers are getting experience of working part-time, dealing with banks and deciding whether to save or spend their money. These are all steps towards becoming a financially independent adult and earning and looking after your own money.

Total votes: 173
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Discussion

Do you get pocket money from your parents or do you work to earn money? What do you spend your money on?

Comments

daniii's picture
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daniii 29 March, 2017 - 19:11

The money is given to me by my parents since I am a minor and I do not work. The money I get I keep for tomorrow or else I spend it on something that makes me very happy to buy it.

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26 users have voted.
tyler14's picture
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tyler14 29 March, 2017 - 08:45

Hi!
I don't receive any pocket money from my parents, but I still doing my housework, like cleaning my bedroom, or cleaning the dishes. When I receive money is because I go shopping and I keep the change. And I spend this money in clothes or CDs

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26 users have voted.
Raquel14's picture
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Raquel14 29 March, 2017 - 08:44

Hi !
My parents don't give me pocket money every week, even month. But sometimes, my grandmom gives me money. I save my money in a money box. I buy clothes, books and other items with my money.

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24 users have voted.
MariannaARoBak's picture
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MariannaARoBak 29 March, 2017 - 08:43

Hello, I save my money but also buy some things like clothes, tickets... I keep my money in my wallet I don't get piggy bank, I get 20 euros every month.

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21 users have voted.
MireiaSM's picture
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MireiaSM 29 March, 2017 - 08:43

Haio ^-^, I usually save my money for the future but if I go to the cinema or I go shopping I spend my own money. Sadly I don't get pocket money Y-Y but I get money for my birthday and Christmas and sometimes when I go to visit my grandparents. I save my money in the piggy bank.

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24 users have voted.
LauraSD09's picture
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LauraSD09 29 March, 2017 - 08:39

My parents don't give me pocket money, but when I need it to go some places, they give me money without a problem. I always do my household tasks so they haven't an excuse! I'm a good kid lol.

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29 users have voted.
JudithRME's picture
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JudithRME 29 March, 2017 - 08:36

In my case, my parents don't give me pocket money, but when I need money to go to some places they give me the necessary.
I don't have any bank account now I prefer have the money at home.

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18 users have voted.
gianggiang's picture
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gianggiang 18 October, 2015 - 07:30

I get pocket money from the headmaster.( I often get scholarships! :) There are no part-time work for teenagers in my country.( It is even hard for adults to find jobs)But there are a lot of voluntary work for teens to do every weekend.

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58 users have voted.
Elsa007's picture
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Elsa007 9 November, 2015 - 05:22

hi giang, what kind of voluntary work do you do on weekends? I'm curious to know if you don't mind. :)

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48 users have voted.
gianggiang's picture
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gianggiang 9 November, 2015 - 13:31

Hi Elsa, hmmm, let me see....
I teach children Math but now it seems that the time doesn't allow me to do this. ( Children are a bit naughty and noisy but funny)
I often buy books and give them my books. :D. That's all voluntary work I do on weekends ! ( very small)

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50 users have voted.
sorooshalipoor's picture
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sorooshalipoor 11 November, 2014 - 05:02

hi to all
i get 50 dollars a month..
and i manage my money for buy modern things that comes to bazar !
we should be fashion and modern
and adapt ourselves with others i think !
love u guys !

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55 users have voted.
legend's picture
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legend 3 October, 2014 - 14:03

I have a small job, I help my ancle in the summer and in special days. Every day at school I shopping, eating or drinking something and the other part of my money I save it!!!!

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52 users have voted.
WildChild's picture
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WildChild 24 July, 2013 - 14:14

I get a pocket money from my parents. :)
Mostly I spend my money on snacks , clothes...

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55 users have voted.
kimbum070789's picture
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kimbum070789 13 July, 2013 - 07:40

hi Natalija I am from Viet Nam and I live in Bien Hoa city.I want to have more friend.Would you like to became a friend with me??

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53 users have voted.
June's picture
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June 14 July, 2013 - 04:19

Become, NOT became.
I know why you want to make friend with her. She is so nice, thoughtful, considerate, hard-working and out-going. I'm sure she'll accept your friend request.
Oh by the way, I'm from Vietnam, too!

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51 users have voted.
farahmazin's picture
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farahmazin 19 June, 2013 - 09:49

Hi i sm from jordan and i dont have a pocket money because my parents buy to me all the thing i want and if i got a highly marks i will get 100 $ and when i got my final mark i will get 1000$ :)

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46 users have voted.
Natalija's picture
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Natalija 24 June, 2013 - 09:20

Lucky you! It must be nice to get that amount of money at the end of scholar year. If it's not a secret, how do you usually spend it? Do you save it or what?
Greetings from Serbia:)
:)

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50 users have voted.
hayaalhams's picture
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hayaalhams 19 June, 2013 - 09:24

every day my parents gives me money without i must to work .. i spend a part of my money on chocolates & chips and the other part of my money i save it ^_^

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48 users have voted.

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