Martin Lewis, MoneySavingExpert.com creator, says: "With income of £1,000 a year some teens are now serious consumers. Used right, pocket money is a great tool for teaching the fundamentals of how to budget, when to save or spend, and making sure you get the best value for things. "Yet how it's given can make a big difference. Just doling it out each week for no reason is 'trust fund teaching', creating a culture of automatic entitlement. Far better is to give the money as a reward for tasks done.

I remember when I was young and at home I had to earn my pocket money no chores no pocket money - what do you all think?