UK Money News
2nd January 2008
Entrepreneurial kids 'raking in £696 million'
Young Britons are accumulating a collective total of around £696 million each year for carrying out household chores, according to the latest money news from Abbey.
The financial services firm reports that by performing everyday errands, 11 to 18-year-olds around the country are giving themselves a healthy amount of extra pocket money.
Young British boys are earning more each month in this manner than their female counterparts, but Abbey is convinced that parents should take the opportunity to help their children in understanding money.
Steve Shore, head of banking at Abbey, said: "The research shows that British kids are making the most of earning opportunities like new year's eve and as a result, the 'odd job' economy is thriving.
"As well as giving kids a boost to their pocket money, this is a great way for parents to show their children the value of money and teach valuable financial lessons."
Last year, finance news from Engage Mutual showed that British parents with lower incomes are more likely to contribute to a child trust fund than more wealthy mums and dads
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