Leaning about managing pocket money can teach children how to be financially responsible, and should be encouraged according to some in the education sector. Insolvencies for individuals amounted to 31,527 in Q1 of 2019, with 1 in 288 adults becoming insolvent in England and Wales in the 12 months ending with that quarter (see Insolvency Service statistics here: https://www.gov.uk/government/collections/insolvency-statistics). Could lessons in financial prudence help with this?
Research has suggested that money habits are set by the age of seven. At a meeting of head teachers and authorities on Wednesday, some will call for better financial education in primary schools.