Managing Money

Most teenagers in Britain receive pocket money from their parents. 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. Teenagers, logically, get more money than younger children. Some fifteen - to nineteen-year-olds receive more than £100 a month. A 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.
Keith, 17, from London

I get £5 a week. I get it on Saturday after I clean my bedroom.
Emily, 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. But only children over 13 can work. Popular part-time jobs for teens include babysitting, delivering newspapers to houses, shop work and restaurant or café work.

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!
Alexis, 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.
Dwight, 15, from Aberdeen

So, many teenagers are getting experience of working part-time, 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.