Money in the UK

What do you do with money? Do you spend it or save it? Do you keep money in a piggy bank or do you have a bank account? Do you get pocket money from your parents or do you work to earn money?

_______________ Most teenagers in Britain receive pocket money (a small amount of money each week) from their parents. A report by the Bank of Scotland interviewed over 1,000 young people in Britain and found that 77% of them get pocket money. Different families give different amounts of pocket money of course. The average for eight to fifteenyear- olds in the UK is about £6 a week. Children in Scotland receive more than the national average and Londoners get the most. Teenagers, logically, get more money than younger children. Some fifteen- to nineteen-year-olds receive more than £100 a month. The report found that many children save at least a quarter of their weekly pocket money and that more boys than girls save their money. Lots of young people have to do chores to earn their pocket money. They help at home with jobs like cleaning, cooking, washing up, taking out the trash and ironing. ‘I get 80 pounds a month. I have to buy my own clothes with that too.’ Chris, 17, from London. ‘I get 5 pounds a week. I get it on Saturday after I clean my bedroom.’ Charlie, 13, from Edinburgh.

_______________ A part-time job is an option for teenagers who don’t have pocket money or who want to earn extra money. About 15% of teenagers have a job. Popular part-time jobs for teens include babysitting, delivering newspapers to houses, shop work, and working in a restaurant or café. There are strict government laws about working hours. Only children over 13 can work (there are some exceptions, for example, for actors). On a school day they can work a maximum of 2 hours a day but not during school hours. On the weekends and during school holidays they can work longer hours. The national minimum wage for people aged 16-17 is £3.57 per hour. 18-year-olds must earn a minimum of £4.83. There isn’t a national minimum wage for people under 16. ‘I babysit for my neighbors. 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!’ Sam, 16, from Chesterfield. ‘I work in a greengrocer’s shop on Saturday mornings. I get 3 pounds an hour. Not much but it means I can buy new clothes or whatever I want.’ Amber 15, from Aberdeen.