€600… the cost of bribing your children to do homework and chores

As parents, it's tempting to treat your children to luxuries that our own parents maybe couldn’t afford.

However, when it comes down to it, we also know that manic gift-giving and bribing isn't a good thing. Bribery and encouragement for doing homework were two reasons why parents said they were shelling out over €600 on their mini broods every year. Rather than waiting until their children had ‘earned’ the privilege of being treated to something new, one British study found that six out of every ten parents admit to buying their children the latest trends and collectables as soon as they ask for them. So, do Irish parents have the same mentality as our British counterparts? Seventeen percent of those surveyed for the UK research said they didn’t want to disappoint their children when they are under peer pressure to have the best of everything. Tracy Fletcher of Skipton Building Society, which carried out the research, told the Daily Mail; “Parents are naturally concerned about their children having strong friendships, and feeling part of their peer group both in and out of school. “And if they think they can help the child become more popular, they will. “Unfortunately, this seems to mean spending endless amounts of money on playground crazes, collectables, latest trends in fashion, and gadgets. “This instant gratification could have consequences in the future though, as children will grow up without grasping the real value of money, or learning how to manage it effectively.” This is completely true. Teenagers will be wondering why they have to get a part-time job to fund their social life if their entertainment had been paid for so easily all along. Young adults will not experience the gratification in saving and then buying a new pair of shoes. Why should they save to buy it if everything else had just been purchased for them on a whim with a quick type-in of a credit card number? The study revealed parents of children aged five to nine are most likely to buy their kids toys, football stickers and Lego. Meanwhile, kids aged ten to 12 ask for the likes of a games console and games, gadgets, magazines, and football boots. And those aged 13 to 15 expect to be treated to iPhones, iPads, and computer games. Six in ten parents admitted it is really important to them that their child ‘fits in’ with their friends. This is important to all parents... but is it not more important for your child to learn the value of money?