In this household, Mum’s the “banker”, Dad is the “fund manager” and the kids are budding money experts. Priscilla Ang, 40, and her husband Alex Lee, who works in the aerospace industry, have four children – Ryan, 12, Joshua, 10, Kate, eight, and Zachary, five (pictured above).
Pointing to a small drawer with different compartments, Ryan explains the in-house bank that Mum runs: “Every week, Mummy gives us pocket money. We put 20 per cent in a ‘save’ compartment, and 10 per cent goes into ‘share’.
“The money in the ‘share’ compartment goes towards charity or church offerings.”
The “save” portion is treated like a bank deposit, where the children earn 5 per cent interest each month on the amount they have saved. These are forced savings, and they are not allowed to take money out from that portion, unless it is for an emergency. Priscilla has to approve the withdrawal of cash.
For instance, Ryan broke a glass picture frame as he was tossing a ball around in the house. He had to fork out $120 for a new frame, out of $200 in his “save” compartment.