Latest news with #childrensavings
Yahoo
2 days ago
- Business
- Yahoo
Good with money: Children ‘earning biggest cash payments for behaving well'
Children are finding that good behaviour really does pay off – with youngsters typically receiving the highest cash amounts into their accounts for this 'task' – according to data from a money app. GoHenry said that being good is the highest-earning task of 2025 so far, with youngsters being rewarded with £1.48 on average. Practising music was the next best-paying task, with an average payment of £1.33, followed by caring for pets, at £1.31. The most popular task for which children receive payouts is tidying their bedroom, with an average payment of £1.10. And while it can sometimes be left until the last minute, doing homework is the next most popular task that children receive payments for, with a typical payout of £1.28. The research also indicated that many children are doing their bit around the home, with helping around the house being the third most popular task to be given a cash incentive, with youngsters banking £1.14 typically. There were also signs of a small gender payment gap, with boys receiving £1.53 per week on average for completing tasks, compared with £1.50 for girls. However, girls typically receive more weekly pocket money than boys, at £9.94 on average during 2025 compared with £9.87 for boys. Holidays are the top savings pots so far this year, followed by birthdays, electronics, clothes and shopping, according to GoHenry's data. The analysis looked at the savings habits of young people aged six to 18 from January to mid-April this year. Louise Hill, founder and chief executive of GoHenry, said the figures indicate that children are 'thinking ahead, planning for experiences and building those crucial long-term saving habits that will help give them a head start in life'. She added: 'And, of course, it's brilliant that 'being good' is literally paying off for them – a fun and effective way to learn about rewards.' Here are the top five highest-paid tasks for children and teenagers in 2025 so far, according to GoHenry's data, with the average cash amount paid: 1. Being good £1.48 2. Practising music, £1.33 3. Caring for pets, £1.31 4. Doing homework, £1.28 5. Brushing teeth, £1.20 Here are the most common tasks for children and teenagers in 2025 so far, according to GoHenry's data, with the average cash amount paid: 1 Tidying bedroom, £1.10 2. Doing homework, £1.28 3. Helping around the house, £1.14 4. Brushing teeth, £1.20 5. Caring for pets, £1.31 And here are the average weekly pocket money amounts across Britain in 2025 so far, according to GoHenry's data (there were some payments where the region was not known and these averaged £10.41): East Midlands, £9.48 East of England, £8.46 London, £9.62 North East, £8.81 North West, £9.69 Scotland, £10.73 South East, £12.80 South West, £8.76 Wales, £8.89 West Midlands, £9.91 Yorkshire and the Humber, £8.93 Here are weekly average task earnings by children and teenagers across Britain in 2025 so far, according to GoHenry (the average payment where the region was not known was £1.36): East Midlands, £1.53 East of England, £1.47 London, £1.60 North East, £1.49 North West, £1.54 Scotland, £1.52 South East, £1.64 South West, £1.44 Wales, £1.46 West Midlands, £1.54 Yorkshire and the Humber, £1.38
Forbes
10-06-2025
- Business
- Forbes
Gifts To Give Minors In Your Life To Set Them Up For Financial Success
K Through 12 Children Appreciating Gifts When I talk to parents of young children, they are often touched by the generosity of their families and friends when it comes to gifts for their children. They often say they're up to their ears in toys and don't know what they'll do when the next birthday or holiday comes around. Here are some gifts you can give to young children and teens in your life to set them up for financial success in the future. Young children have the advantage of time on their side but an inability to comprehend or manage money on their own. Here are some things you can do for young children to grow their wealth in a controlled setting. Whether the child in question already has a 529 College Savings Plan in their name or they need you to set one up for them, anyone can then contribute money toward that minor's future higher education needs to grow tax-free. If you buy them $100 worth of clothes and toys when they are born, that will likely get donated or thrown away. If you gift $100 into a 529 when they are born, that could be worth around $600 for education expenses once they reach college age assuming an average return of 10.5%. These plans can easily be transferred between siblings and down to the next generation if the minor ends up having children. However, it is important to be aware of tax implications of not using the 529 College Savings Plan for qualified higher education expenses or a limited amount of Roth conversions. Growth of the funds would be taxed at ordinary federal and state income tax rates and subjected to a 10% IRS penalty. In all, most people would be better off investing in a traditional investment account than making non-qualified withdrawals from a 529. Uniform Transfers to Minors (UTMA) accounts are another way to make gifting to a minor in your life simple. You can gift cash or securities into an account for the child. UTMA accounts allow minors to invest for their future while limiting their access to the funds before they reach the age of majority, which is 18 or 21 depending on the state. An adult guardian can spend the funds for the minor's benefit before the age requirement is met for things like tutors, summer camp, education expenses, sports, or anything else the minor may need. Teenagers in your life might have a real interest in saving for the future and learning about investing. Here are some tools to not only support them in saving for the future, but also to foster a sense of responsibility in them around money. As children become teenagers, they may have work that they are paid for, including babysitting, yard work, housesitting, and after-school jobs. If they have any level of earned income, they are eligible to contribute their earnings up to a maximum of $7,000 per year into a Roth IRA. Others can also contribute on their behalf if the amount does not exceed the annual maximum. Giving a teenager a pre-paid debit card, especially one that may be tied to a chore chart or allowance can teach that teenager budgeting and fiscal responsibility. In a world that increasingly turns to digital payment methods, teaching fiscal responsibility with cash allowances becomes difficult. Gifting a teenager a financial literacy book or course can also set them up for financial success. It will also support critical thinking and allow them the tools to find research from reputable sources and not default to getting advice from social media. Here are some books on investing that can get teens started on the basics that I would recommend: Making a charitable donation in a teenager's name can foster a sense of social and personal responsibility. As they grow their wealth down the road, implementing charitable strategies can also support them in their journey by fostering tax incentives. In summary, thoughtful gifts for young children and teenagers can shape their financial futures. Contributing to tax-advantaged accounts for minors and promoting financial literacy can foster responsible habits. By choosing wisely, we can equip the next generation with the skills needed for lasting financial success.
