Finance expert, Dave Fishwick, suggested parents should charge their children interest if they borrow money.
Joining the This Morning couch was Dave Fishwick, a self-made millionaire who advised the country on the best way to prepare their children for working life. Alison and Dermot quizzed the finance expert on what age is best to introduce children to business life to which he suggested, "as soon as possible."
He said children as young as 13 should be encouraged to go out and find a job if they want to be able to afford video games or other luxuries. Adding parents may want to meet them halfway in the cost, he said children should know the meaning of money from an early age.
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Dermot asked the millionaire whether or not household chores should be considered work, to which he said: "Yes, absolutely. Pay them for doing the job."
Alison admitted her own children borrow from the "bank of Alison" regularly and she may need to shut it down if it continues. Dave quickly added parents should be charging their children interest rates of around 10% to represent the realities of loans and future financial prospects. He said the option of adding interest can go both ways but resiliently said kids should begin to realise the meaning of money from home before they are pushed out to get a proper job.
The comments appeared to be controversial with viewers as they slammed the idea of charging family members, specifically children, interest of any sort. One viewer said: "Sorry what? Charging your family interest on money they ask to borrow from you? I feel like borrowing from family should be a safe option, not something your family should monopolise on."
Another viewer added: "Has this man even got kids? They’re gonna be telling three-year-olds to pay rent in a minute."
A third comment said: "If the kids are borrowing off you. How can they pay back the interest when they are asking for something with no money?!"
A final viewer added: "We’re going to be working until we are about 95 at this rate, the last thing I’m going to do is encourage my son to get a job when he’s 12 ffs!"
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