Our ‘Rooster Heroes’ series brings you financial experts from all over the world, asking them 10 quick fire questions on all things pocket money and allowances – so you learn from the best.
This month we spoke to Lucy Warwick-Ching.
Lucy is an editor extraordinaire at the Financial Times specialising in personal finance. A working parent, Lucy also produces the weekly FT Money Show podcast and writes the Family Money column. So we’re in good company.
1. What’s your earliest money memory? 🍼
I remember that my parents paid my twin sister and I 20p each to weed the garden path. It took us hours and we did it with a fork because our hands were small, but we loved it because we were saving up to buy Applejack – a My Little Pony – to our collection.
2. What did you want to be when you were a kid? 👶
I wanted to be a ‘gold collector’ just like my father. I later found out that he was a metals analyst and wrote about gold prices.
“I wanted to be a gold collector just like my father…”
3. What's your favourite pocket money sweet? 🍬
Rhubarb and custard sweets every time …I wonder if they still sell them?
4. Describe your money personality 🤔
I’m definitely a saver. I love saving money and finding bargains, and love to tell friends and family whenever I find ways of saving money.
5. What's the best bit about your job? 💼
The variety of things I get to do – scoops, investigations, podcast and videos, not forgetting all the social media I get to experiment with.
“I love to tell friends and family whenever I find ways of saving money.”
6. Do you give your kids an allowance? And if so, what's the system? 💰
Not yet, they’re too young, but I certainly plan to. I’ll probably use an app to get them interested in saving to begin with.
7. Best piece of money advice you’ve ever been given? 🎓
The power of compound interest! I wish someone had told me about it when I was 18.
8. What’s your top tip for parents on teaching kids the value of money? 💡
Make it real for them. There’s nothing quite like linking money to something the child wants – set them goals; a toy they might want. And then once they see results, a toy in their hand, they will be hooked on saving forever.
“Once they see the results, a toy in their hand, they will be hooked on saving forever.”
9. How will we be paying for things in 2040? 🤖
A blink of an eye!
10. Bonus: Favourite app on your phone (apart from RoosterMoney of course!) 📲
Dark Sky – I never leave the house without checking what the weather is going to be first.