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Pocket money: Does it have a place in children financial literacy?

Pocket money (called an ‘allowance’ in some parts of the world) is a gold mine for the finance industry. Apparently it is worth $1.4 billion a year. A long time ago, public schools in Australia were in fact involved in teaching children about money. Teachers were the bankers for a Government bank and the school banking initiative was supported by the Government. Today, there is no Government bank – all banks in Australia are now privatised. School banking is now optional and
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The correct way to give Pocket Money

Teaching financial literacy involves using tools to communicate a message. One of these tools is pocket money. There are other tools that we can use and you can read more about them in my FREE eBook (download at the end of this page). Whether they are lessons about saving, spending, donating or investing, pocket money, when given correctly, can be a very effective teaching tool. Receiving pocket money may not be the first time your child is exposed to money transaction,
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The most effective way to curb Pester Power

Like many parents, I have battled (often unsuccessfully) with my children’s pester power – especially for junk food and toys. I’m not sure if there is a correlation between children receiving pocket money and pester power, but it would sure make for an interesting study! Like many parents, I have Googled strategies to deal with this situation. They all come back to one simple message – stay calm and forget your audience. Yeah right! Don’t get me wrong – the
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