More independence, but also more personal responsibility when it comes to finances: With a youth salary, young people get both. According to the Youth Salary Association, children are generally ready at the age of 12 to start receiving a youth salary instead of pocket money. They can use the fixed monthly amount to cover certain living costs that they have agreed on with their parents beforehand, for instance money on clothes, getting a haircut, or a mobile phone contract. This approach means youngsters learn how to be careful with their money, how to set priorities when it comes to what they buy and how to plan on a long-term basis. This makes things easier for parents as well because they are spared countless arguments about money thanks to clear rules. It’s important parents and their children plan and implement this step together, and that the children understand that switching from pocket money to a youth salary is actually beneficial to them.
Find out how you as parents, together with your children, should go about deciding what the youth salary should be in the article “The link will open in a new window Youth salary instead of pocket money: how to calculate it for your child”.