Katie Price pays her kids, Princess and Junior for being on TV

Should you follow Katie Price’s example and encourage children to earn their own money?

Katie Price's Pony Club Launch - London

Having Katie Price as a mum means that your version of everyday, normal life is quite different from other people's. Now Junior (11) and Princess (9) are set to appear in her new TV show Katie Price's Pony Club, and she has been asked what her children think about being in the spotlight. She explained that the children are doing a job - and that they get paid every time they do so.

She made the comment in a chat with readers of The Sun. She explained: "Junior and Princess don't know any different about being in the public eye or not. The thing is now they know they get paid for jobs, they're like 'Whoa we can have this money in our bank account'. So I make sure that every job they do they get a pay cheque."

According to The Mirror, she added that she doesn't force either of them to work, but they both enjoy it.

Is this a good idea?

It's never possible to tell how a child will be affected by starting their career at a young age. While there are plenty of examples of child stars who have gone off the rails, there are also plenty who have gone on to long and lucrative careers - Jodie Foster or Emma Watson spring to mind.

Most sportspeople also started young and many continue as role models for life. David Beckham, for example, started at Manchester United at the age of 17, and nobody could argue that his career went awry.

Should you follow her example?

Katie Price's approach is also an unusual twist on the common approach of ensuring children earn their pocket money - in order to teach them the value of money. Many parenting experts swear by this, because from an early age it teaches children that they cannot get something for nothing, and to associate the joy of shopping with the hard work they put in beforehand.

Recent research from Experian found that across all the age groups surveyed, parents said their children had a greater appreciation of the value of money that they had earned. However, 85% of parents don't get around to this - or don't enforce it.

Sarah Willingham, consumer champion, mum of four and BBC Dragon said: "It's clear that despite our best intentions as parents, long term we're not doing our kids any favours by just giving them pocket money, rather than giving them the chance to earn it. Pocket money is often the first experience children have of managing money, and I'd like us, as parents, to take a more active role in teaching our kids the importance of earning their pocket money and saving for the things they'd like."

"Good financial sense is an essential life skill in the same way as learning to swim or ride a bike. If kids take an active role in family life and are encouraged to take part in activities to earn their pocket money rewards, they'll not only build up their financial savvy but also their self-confidence and a brilliant feeling of achievement. There are all sorts of ways kids can earn their pocket money, from washing the car to walking dogs – whatever works for you as a family. But the point is that pocket money should be earned not expected."

She continued: "It's absolutely crucial that we equip our kids with the tools they need to understand and manage their money later in life, and that we start early whilst their feelings and expectations around money are being set. It's clear that kids' attitudes towards money are shaped at a much younger age than we think, so we need to start the process of talking about money at home as early as possible."

There are, therefore, some major advantages to following the kind of approach that Katie Price has taken. But what do you think? Would it work for your family? Let us know in the comments.

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