Mum Samantha Bird has revealed that she charges her son rent despite the fact that he’s only seven years old and still at school, explaining why she thinks this measure will benefit him in the long run
While more than half (61 per cent) of Brits admit to charging their adult children rent, one mum is making her children pay up, and the youngest is only seven!
But Asher Bird isn’t your typical seven-year-old. He has an investment portfolio, a financial planning diary, and money goals. And his mum asks him for 12.5 per cent of his earnings to cover rent and utilities each month, according to Sky News.
His mother, Samantha Bird, 31, from Michigan in the USA, said she might get a bit of stick for being stingy, but it’s important to teach children how to survive in the real world.
It comes as another woman explains why she lives in a retirement village despite only being 38.
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“I didn’t grow up with a whole lot of financial education, and so going out into the real world, it was quite a shock, and I really struggled,” she said.
“I wanted to give my kids a little bit of a headstart in a way that was safe and in an environment that was light-hearted.”
Each of her children is paid $6 a week for chores but has to save $3 a month for expenses. That equates to around £4.52 and £2.26 respectively.
And the thrifty mum reckons it’s helping her kids develop financial confidence.
“I’ve noticed a real sense of confidence in my kids with money,” Samantha added, who runs Kids Money Skills, a social media channel educating parents on how to teach their children about their finances.
She and her husband, Seth, found themselves $40,000 in debt in 2019 after mismanaging their finances and using credit cards.
But after teaching herself about money, they got back on their feet in 2021 and don’t want their children to make the same mistakes.
“Now I need to make sure this doesn’t happen with my kids,” she continued.
While her son’s age makes this quite a shocking story, many parents charge their children rent when they get their first job or turn 18.
Some 61 per cent of parents confessed to charging their adult children rent in a Compare the Market survey in 2023.
While many parents do so to teach their kids how to manage money in the real world, approximately two in five of those parents said they asked for money to cover the bills.
Among those who can afford to choose, some told Sky News they would “rather be on the street” than ask for a contribution, while others said it made their children more financially disciplined.
Money Saving Expert Martin Lewis is supportive when it comes to charging kids rent but suggests parents should consider charging a contribution towards household expenses, rather than full market rent. Especially if the child is saving for a specific goal like a house deposit.
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