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Welcome to birmingham.gov.uk

Young People

A Financial Inclusion for Young people
Useful information, resources and links for children and young people

The average child in the UK gets just over a week pocket money.

Girls total amount spent = 3.20 a week
Boys total amount spent = 1.20 a week

Where the Money Goes
Two thirds of pocket money is spent on sweets and chocolate
Girls also buy: clothes, shoes, magazines, make up and toiletries
Boys buy : more food and drink, computer games, videos and CDs
Recently teenagers are spending more on mobile phone cards than on sweets. Girls spend 50% more on mobile phones than boys

A How Much is That?
Deciding how to get the things you would like is not always easy. Imagine that you see the latest MP3 player and you really, really cannot live without it. Do you....

- Ask your parents many times until they buy it for you?
- Ask for it as a present on your birthday or at Christmas?
- Save your money until you can afford it?
- Offer to do odd jobs around the house to earn the money to buy it?

Often you will need to make choices about what you can afford to buy and what will have to wait. Parents are not an infinite supply of money! It can be useful to work out how much you spend every week so you will know how much you have left over to spend on life's little luxuries.

Making It All Add Up
Have a go at filling in the following table to see just how much you spend every week. It may help to imagine yourself going through a normal week and writing down all the times when you spend money. Then put the total for each different sort of spending into the table and add it all up. Take that away from the money you get every week.



FINANCIAL STATEMENT

Weekly Amounts

Pocket Money

£

Other income

£

Total money coming in

£

Sweets, snacks and drinks

£

Takeaways and school dinners

£

Clothes and shoes

£

Personal Care (e.g. hair products, make-up,

£

Magazines and books

£

Music and DVD's

£

Toys, hobbies and pets

£

Computer games

£

Sport or social activities

£

Travel

£

Mobile phone

£

Other spending

£

Total spending

£

Take away the total you spend from the total money you have coming in

£


Suprised at the result? Did you spend more than you thought? Did you have any money left over? What could you actually buy with it if you did?

If you need a bit more help with making these decisions, now is the time to visit our pages about saving at school and learning about money skills.