Parents assign five-year-olds paid chores to teach them the ‘value of money’ – Yahoo Finance UK

Parents in the UK are assigning their children paid chores from the age of five to teach them the value of money, research suggests.

While most parents about 28% first put their kids to work around the house between the ages of eight and 10, a fifth put kids as young as five to work, washing dishes and hoovering to earn their keep, a survey of 2,000 byVoucherCodes found.

On top of this, over a third (36%) encourage their kids to start saving between the ages of five and 10, while one in 10 (11%) even do it before this.

Over half (52%) of parents say teaching their children to be financially responsible is something they consider important, and nearly two in five (38%) do so in the hope their children will eventually become self-sufficient with their cash.

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Despite this, parents dont believe their children will be financially independent until the age of 21, whether its because they will be paying for driving lessons (55%) or supporting them through university (47%).

One in five parents even said theyre happy to pay for holidays for their over-18-year olds, while two in three (43%) pay for their food shop and a quarter (26%) pay their rent, the survey found.

When it comes to financial independence, more than two thirds (68%) think the most significant sign is earning your own money, and more than half (52%) cited opening your own bank account something they think children should do at 10.

This suggests todays children are under high pressure to be financially savvy at a young age, VoucherCodes said.

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Dads have a slightly more relaxed approach to their childrens financial education, with just two in five (39%) thinking its important to discuss financial responsibility with their kids, compared to almost half (47%) of mums, the survey found.

Teaching children about money from an early age can be crucial to setting them up for a financially responsible life, and our research shows the majority of parents agree, said Anita Naik, lifestyle editor at VoucherCodes.

Whats interesting is that some families start this conversation from a very young age in some cases with kids as young as five.

Whether thats asking them to do the dishes or wash the car, its clear many children are learning the value of money early, which can have really positive impacts later in life when it comes to budgeting and managing their spending.

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Parents assign five-year-olds paid chores to teach them the 'value of money' - Yahoo Finance UK