The latest Pocket Money research from a well-known high street bank, based on parents with children aged between 8 and 15, asked if they paid their children for doing (or not doing) certain activities and household chores. As well as steering their children away from digital devices such as phones, tablets and gaming machines, one in five (20%) of parents used pocket money as a way of getting their child to bed! 15% of parents gave pocket money if their child finished their homework!
Nearly two thirds (66%) of parents pay their children to help with household chores, even though 53% think they should be doing the chores regardless. 30% of parent said that they would be willing to withhold payment if the work was not completed to their standards.
The latest research from a leading high street bank reveals that:
Fun time!
After all the hard work and chores finished and with extra pennies in their pockets, children have many options available to them for their well-earned cash. Nearly half (42%) buy sweet treats with their pocket money, 31% use the money on gaming, and 30% on toys.
The vast majority of parents (93%) encourage their children to save their money, although half of parents (49%) also let their children download apps, or spend on music, film and TV-streaming services.
So how much pocket money are children getting on average?
This year, the average pocket money children got was £7.71, up from £7.01 in 2018. A quarter of parents (25%) believe the amount of money they give to their child is too much compared to just under half of children (43%) who think they should be getting more! How much do you get every week? Is it too much or too little?
Giles Martin, Head of Savings at Halifax said;
“With over 70% of children still using a piggy bank to save their pennies, the summer months can be great for kids to see how much they can earn or save by the time they go back to school.”
The Royal Mint
Do you have any coins? If so, they come from the Royal Mint in Llantrisant.
Royal Mint
Every coin in Britain is minted at the Royal Mint. But it's not just British coins. The Royal Mint mints coins for over 60 countries around the world, from Jamaica to New Zealand, and from Iceland to Hong Kong.
Only coins are minted in Llantrisant. Notes are made by a company called De la Rue.
How many coins are minted?
Every minute, 750 coins are minted, which is about 90 million coins a week, almost 5 billion a year
(5,000,000,000).
Why is there a 'royal' in the name?
Some form of Royal Mint has been making money since the ninth century. For a long time, there was no television and newspapers, and there was no internet. Seeing an image on a coin was the only way to see what the monarch looked like.
Since the time of Henry VIII, the image of the monarch on the coin has changed as the monarch grows older. There have been five images of Queen Elizabeth on coins.
Location of the Royal Mint
Coin design
Look at the coins you have. Each one has images made by artists. If you look through a magnifying glass at the bottom of the coin, you will see the artist's initials. For example, images on coins before 2008 were made by Christopher Ironside, so you will see C.I. Since 2008, the images on the coins are by Matthew Dent.
Left, right, left, right
Without looking at a coin, try to answer this question: which way does Queen Elizabeth II face?
Clue: The monarch faces left or right alternately. King George VI, father of Queen Elizabeth, faced left
Tails
There are over 100 different images on the back, or tail, of British coins.
Have you seen the picture of a shield on the reverse of a £1 coin? Since 2008 there are pictures of pieces of the shield on the 1p, 2p, 5p, 10p, 20p and 50p pieces. If you put them together, the whole shield is visible.
New £1 coin in 2017
A new £1 coin was introduced in 2017 because there were more and more counterfeit coins. The new £1 is difficult to copy and includes:
Seeing the work in Llantrisant
You can take a guided tour of the Royal Mint.
Are you good with money?
Answer this questionnaire on your own. Then look at the Key to see how well you handle money.
How do you get your money?
a. I get pocket money every week.
b. I use birthday money or Christmas money from my family
c. I work (e.g. paper round, around the house) to earn money.
How often do you buy sweets?
a. I buy sweets every day.
b. I buy sweets at least once a week.
c. I never buy sweets.
How often do you buy clothes?
a. I buy an item of clothing at least once a month.
b. I buy an item of clothing every two or three months.
c. I never buy clothes; my parents buy them.
What do you usually do if you get money as a gift?
a. I spend it all.
b. I spend some and save some.
c. I save it all.
If you want to buy something expensive, what do you usually do?
a. I ask for money from a family member.
b. I borrow money from a family member, to be paid back afterwards.
c. I save until I can afford it.
How much research do you do before buying something special, e.g. to find the cheapest price?
a. I don't do any research, I buy in the first shop or from the first website I see. It doesn't matter if I pay the most expensive price.
b. I do some research but being able to buy quickly is more important than saving money.
c. I do a lot of research and always pay the cheapest price.
Do you tend to buy something you just happen to see?
a. Yes, often.
b. Yes, sometimes.
c. No, never.
Do you go to charity shops to buy books/clothes and shoes/music?
a. No, never.
b. Yes, sometimes.
c. Yes, often.
Do you go to the library to borrow books/DVDs/CDs?
a. No, never.
b. Yes, sometimes.
c. Yes, often.
Do you have any savings?
a. No, I don't have any money saved at all.
b. Yes, I have a little bit of money saved.
c. Yes, I have a lot of money saved.
Answers mainly a)
You get your money without working for it, and you spend money hand over fist! You don't care if you pay the most expensive price. You don't save. Remember that you can buy things cheaply in a charity shop, or borrow books, DVDs and CDs free from the library. You need to think about how you handle money, or you could face problems in future.
Answers mainly b)
You can handle money well. You don't overspend and you save some money. You sometimes use charity shops and the library to save money. Look again at where you have answered a) to see what you could do to improve things.
Answers mainly c)
You are very careful with money. You don't spend if you don't have to, and if you buy something special, you do your research to find the cheapest price. You save money. But don't be too hard on yourself: it's ok to have a few new items of clothing or sweets sometimes.
In 2017 the 12 side £1 coin was launched as legal tender in the UK. A 12 sided shape is called a dodecagon. It was released as the most secure coin in the world. Why? Because at that time it was though that in every £30 of £1 coin there was one counterfeit. Today there are 1.5 billion (1,500,000,000) £1 coin in circulation.
The £1 coin has many advantages by design and is instantly recognisable by design and touch. The new £1 is bimetallic and made of two metals. The outer colour is gold and the inner colour is sliver. But all that glitters is not gold! The gold coloured outer is made of nickel brass and the inner that looks similar to silver is actually a nickel-plated alloy.
What’s so special about the 12-sided £1 coin? When you change the angle of the coin in hand you can see an image change from the number 1 to a £1 coin like a hologram. Just like magic!
Furthermore it has very, very small lettering called micro lettering on the lower inside rim on both sides of the coin. If you look really close you will see ‘One Pound’ in small lettering on one side and the year of production on the reverse side.
The new design of the £1 coin has the design of the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet or small crown. Each represents the 4 countries within the union of the United Kingdom.
Finally, to stop fraudsters from copying the coin it has a hidden high security feature built into the coin to protect it from counterfeiting in the future.
The coin was produced by the Royal Mint on its top security site in Llantrisant, South Wales.
Saving or shopping
Can you help Siân count her pocket money? Read the diary and answer the questions to let Siân know how much money she’ll have in the bank in a year.
1. Siân received £45.00 on her birthday as a gift from her family. How much money did she get from her grandparents?
£10
£5
£20
£15
2. On the 8th of February Siân received pocket money from her parents. How much money does she have now before counting the total from her money box at Christmas?
£40
£45
£35
£50
3. After Siân counted the money from her money box with her best friend Mali there was £87.50 in the box. What was the total in the box before she received her birthday money and pocket money?
£57.50
£47.50
£67.50
£37.50
4. How much money does Siân have in her money box after going shopping with her mother?
£77.50
£72.50
£82.50
£85.50
5. On the 7th of March Siân went to the bank with her father. How much money did Siân save?
£52.50
£42.50
£33.50
£62.50
6. In a year’s time how much money will Siân have saved including the additional bank interest?
£52.50
£55.75
£57.50
£57.75
Answers
1. £20
2. £45
3. £57.50
4. £82.50
5. £52.50
6. £57.75
