What If All Jobs Paid The Same?

Imagine a future where all jobs paid the same fixed salary.
No this isn’t a new left wing manifesto, just something to think about.
So if all jobs pay the same, would you want to be the Chief Executive or the Cleaner? Would you go for satisfaction, power, making a  difference or a stress free life?
Without doubt there would still be teachers and nurses, even the majority of premier league footballers would still want to play but would there be a shortage of less desirable or dangerous jobs?
Take away the ability to attract workers with more pay, employers would have to develop non financial incentives, would that make businesses a more enjoyable place to be?
How would you encourage your children into a future career? Would professions such as doctors and lawyers still have their status or perhaps doing what they love would be of the utmost importance.
So if all jobs paid the same – what would you do and why and what would you advise your kids? I welcome your thoughts below

Debt: Reality vs Perception

Payplan Debt Perceptions Infographic 2011

Source: Payplan – IVA and Free Debt Management Plan provider.

Gender pay gap starts early with pocket money

The Financial Fairy Tales Piggy Bank imageThe economic downturn has hit many wallets – but it has also hit children’s piggy
banks, according to a report from Tesco Bank. The UK’s pocket money budget
currently stands at around £40 million per week*, despite the fact that one in
four parents (24%) has reduced the amount of pocket money they give to their
children following the recession.

The report, entitled “Every Little Helpers” and the first in the Tesco Bank “Family
Matters” series, reveals that the majority of parents (71%) across the UK
expect help around the house from their children (aged 4-15 years old) in
return for pocket money. The most generous parents can be found in London,
giving children £7.81 per week in return for household chores, whilst the UK
average is £5.80.

Today’s mums and dads expect children to complete chores ranging from tidying their own
rooms to mowing the lawn in return for cash.

Top five pocket money earners

London                               £7.81

Swansea                              £6.68

Glasgow                              £6.46

Liverpool                            £6.38

Wolverhampton                £6.26

Bottom five pocket money earners

Wrexham                           £2.50

Chelmsford                        £3.40

Worcester                           £3.50

Leeds                                   £4.29

Bristol                                 £4.33

 Gender pay gap starts at an early age

The report also suggests that gender differences start early on in life. Boys are
more than twice as likely as girls to receive between £16 and £20 a week but
they are also more likely to spend their money within days. While girls are
streets ahead when it comes to saving, over a third of all children (38%)
regularly save-up their hard earned cash for something they really want.

Dr Elizabeth Kilbey, a leading child psychologist working closely with Tesco Bank
on the research, says: “It’s great to see so many parents across the country
rewarding and reinforcing children’s good behaviour with pocket money they can
then choose to spend or save. You can never start financial education early
enough in a child’s life and this approach is by far the best way to teach
children good habits.”

The majority of parents surveyed (65%) said they have had the financial equivalent
of the birds and bees conversation with their children; where money comes from
and what it’s for. “Financial knowledge is best learnt from a young age. While
parents can make it fun, money is not a joke and children should understand
this clearly. Parents work hard to provide things for the children. It’s
brilliant to see parents across the UK talking to their children about this,”
Dr Elizabeth Kilbey added.

 Parents helping kids onto savings ladder

Parents are actively helping their children onto the savings ladder and 35% of children
under 16 now hold their own savings account. However, over half (54%) of the
children in the UK are traditionalists, preferring to keep their coins and notes stashed safely away in a piggy bank.

Tesco Bank’s “Every Little Helpers” report explores children’s spending and saving
habits and how they can be taught the value of money through something as simple
as regular pocket money.

David McCreadie, Banking Commercial Director at Tesco Bank, said: “We commissioned
this research to understand the changing dynamics of family spending and this
report has provided us with interesting findings. It’s great to see parents
talking to children about money and teaching them savings habits at an early
age through pocket money.”

The report is available now for parents to download free at https://mediacentre.metafaq.com/help/news/everylittlehelpers/.

Survey reveals the influence of Mums on money habits

Mum Knows Best

Britons’ money habits are most influenced by their mothers

  • 36% of Brits say that their mothers have had the most influence on the way
    they handle their money
  • We are twice as likely to consult Mum than Dad on our daily spending
  • More than half of people say their father took control of their household
    finances when they were growing up

New research from M&S Money reveals that our mothers are the biggest
influences on our financial habits.

M&S Money surveyed 1000 people to find out about how their family has
influenced their finances. The research reveals that 36% say that their mothers
have had the most influence on the way they handle their money, compared to 32%
who say it is their fathers.

Grandparents (3%) and siblings (1%) have little influence while 24% say their
family have no influence over their financial habits at all. It seems we also
follow our own gender as a role model; women are most likely to say it is their
mother that has most affected their financial habits (39%) while men are most
likely to say that it is their father (36%)

When it comes to their daily spending, more than twice the number of people
would consult Mum for her point of view instead of Dad. 22% would ask their
mother about their day to day finances, while just 8% would consult their father
on matters such as shopping or saving. Indeed, 6 in 10 people say they are not
like their fathers at all when it comes to their finances.

It is only when the stakes are high that we turn to our Dads for occasional
advice. When making large financial decisions such as buying a house or a car,
one in five (20%) would turn to their father for advice compared to 11% who
would ask their mothers.

Despite more people saying their Mum has been the biggest influence on their
money habits, more than half (55%) of people say their father took control of
their household finances while they were growing up, while for 40% it was their
mother.

Colin Kersley, Chief Executive of M&S Money, said:

“While it may not always have been our mothers who controlled large financial
decisions and the overall household budget when we were growing up, it seems
they are now the ones who we are most likely to turn to for advice on day to day
matters such as saving and spending.

“Our fathers do still have a clear role in being first point of call for
advice on bigger purchases. It is great that we see the value of both parents in
helping us through the many different financial decisions we face on a daily
basis such as choosing the best home for our hard earned cash.”

Table 1: How our family has influenced our finances

Dad Mum Grandparents Sibling
Took responsibility for household finances 55% 40% 3%
Has most affected my financial habits 32% 36% 5% 1%
Would consult on large financial issue 20% 11% 2% 7%
Would consult on small financial matter 8% 22% 1% 8%
Least likely to take financial advice from 12% 12% 5% 24%

Regional Findings

  • Mums are the biggest financial influencers of all regions except for the
    West Midlands (42%), North West (39%) and South West (29%) where Dad’s are the
    biggest influences.
  • Scotland is the only region where more people say that their mother (51%)
    took responsibility for household finances when they were growing up rather than
    their father (47%).
  • The West Midlands is the only region where people are more likely to say
    they are like their father when it comes to financial matters than they are not
    (52%).
  • Scots are the only people in the UK who are more likely to ask their father
    (14%) than their mother (9%) for advice on their day to day spending.