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The Pocket Money Plan
Product Description
About the Author
Julie Hedge trained as a lawyer before building her own Financial Services company. She writes for magazines and is a contributor to Radio Four's Moneybox programme. She has a young familly and lives near London.
Further information
Other Details
Product Reviews
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All you need to teach your children about money - a skill for life
Posted by 'Organic Green' on 1st Sep 2010
You must teach your child about money. It is vitally important. With good sense of money and how to manage it your child can effectively double or even more the potential value of the wage that they earn.
It covers all the skills about dealing with your child's money that many adults still struggle to learn and implement in their life.
Pocket Money - why to give pocket money instead of free stuff for your child, linking pocket money with earning, saving first then spend what is left, investments & loans.
I am very good at managing my money but goes this book to give me good ideas of translating adult money concepts to my 6 year old to learn. This book is good if you don't have good money skills as an adult and you can learn them along with your child.
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Important lessons in a palatable form
Posted by Ray Blake on 1st Sep 2010
This is a fairly straightforward read for adults and older kids. The subject matter is topical and there are few parents who won't pick up valuable tips for dealing with their own finances. What is particularly useful is that in places the advice is differntiated for different age groups, so this genuinely does address the needs of all from 5 to 15.
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A superb book
Posted by Paul on 1st Sep 2010
If you consider it, many children go through school education onto to leave not understanding what terms like 'APR', 'AER', 'Loan-To-Value', 'Endowment', 'Pension Tax Relief' etc mean.
I know I did - and that's because they simply didn't teach it. When I left school, I had no idea how a credit card works, what type of bank account I would require to allow me to make withdrawals at an ATM or how I would go about depositing my wages.
I'm not sure that things have progressed that much since I left school, to be honest. Kids still don't understand these things now - and although the government has made some effort in adding elements of Personal Finance to the school agenda, it's pretty minimal and certainly doesn't cover everything.
That's where this book comes in - there are some wonderful inclusions - such as the cost of delaying payments into a pension (i.e. the difference between commencing payments for a child's pension at birth compared to later in life - the sums are quite staggering too!).
To be honest, If my parents had owned a book like this, I'm pretty sure that I wouldn't have made some of the (sometimes costly) mistakes I've made over the years. If you want a good head-start for your kids (and I'm pretty sure you do otherwise you wouldn't be reading this!), then you can do no worse than buy this book. Of course there are internet sites which cover the subject matter in possibly much more detail, but the nice thing about this book is that you can read each chapter in whatever order you like and explain things to your own child in a manner which hopefully makes sense than him/her simply putting you on the spot and asking a question like "Should I open a savings account with X? Grandad mentioned something called a Unit Trust???".
I believe that the earlier Children are taught about finance, the better. And that doesn't simply mean giving them pocket money so that they can blow it all on sweets or games - but teaching them the beauty of compound interest, how a savings account or pension can grow so much larger if they start earlier and how much they need to put away each week/month if they have a savings goal in mind.
A great little book, recommended.
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Great for adults and kids to read
Posted by Fiona McCaw on 1st Sep 2010
started to read this book, and thought it made a lot of sense in its advice to help children be responsible with money. I'd read about a third of the book before my eldest became curious and picked it up to read for herself. Within a couple of days she'd read it cover to cover, and then started saving in a way she never had before! She's always been the kind of child who had to spend her money as soon as she got it, on plastic toys and girly magazines and nonsense. After reading this, she decided to save up for a hamster, and over the next few months she did exactly that, spending sensibly and saving the vast majority of her money. She now has a cute fat hamster, a very snazzy cage for it, and a much better approach to looking after money!
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An excellent finance guide - not just for kids
Posted by John Adcock on 1st Sep 2010
The Pocket Money Plan is a great book on how to get your finances in order. Even though it's aimed primarily at helping children of all ages to understand the value of money through the pocket money they receive, it serves a wider purpose as a general primer in sound financial management.
Easy to read and work through, I used the ideas in this book with my daughter, and it really made us both think about the concept of money, the value of it, and how we use it. There are some excellent suggestions contained in the book on how to reward children in money terms for behaviours and activities done around the home, and the idea of breaking pocket money down into 3 categories: 1) give away, 2) save, 3) spend, it also food for thought.
Perhaps best of all, I like the message that this book gives about money. Other things are important in life beyond money - cash should after all be an enabler of other worthwhile activities, so starting young in this way is a good approach. With children coming under increasing pressure to have more and more stuff, and own it without really thinking through the consequences of rash expenditure, there's never been a better time to teach good financial skills to our young people - and this book proves that it doesn't have to be boring or preachy stuff.
With the country reeling under the weight of debt, and with the economy in a time of turmoil, it's a shame that more adults - and especially those working in the finance sector - weren't primed on some of the themes in this book. If they had, it's possible we wouldn't be quite in the mess we are now. Julie Hedge has produced a timely and thoroughly worthwhile and accessible book here that should be required reading in the school curriculum. Recommended unreservedly!
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