Jones’ tough stance on pocket money


Published: Tuesday 10th March 2015 by The News Editor

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Dragons’ Den multimillionaire Peter Jones has said that his children will not get a penny if they decide not to work.

The 48-year-old entrepreneur is worth around £475 million, according to the Sunday Times Rich List.

But he told Radio Times magazine that the amount of pocket money – £25 a month – he gives his five children, aged from eight to 21, caused arguments.

“My pocket money is based on incentive. It’s like, ‘You’ve got to clean your room, to get this’, and if they don’t do it, they don’t get the money. It’s a bone of contention,” he said.

“I want my kids to be polite and respectful, stand on their own two feet.

“In the future if they want to go and do charitable work, then I’ll fund that charitable work.

“I’ve said that rather than me buying them a house, I’ll give them a contribution on top of what they deliver.

“So if they earn £20,000 a year, I’ll give them a tiny contribution on top. If they decide not to work, they don’t get anything. I want them to do it for themselves.”

In 2008, TV chef Nigella Lawson vowed that she would not pass on all her money to her children when she dies, saying: “I am determined that my children should have no financial security. It ruins people not having to earn money.”

Jones, who has invested £3.5 million of his personal wealth during his time in the Den, said that he was frustrated by the lack of business training in the national curriculum.

“I’ve been campaigning as much as I can. I’ve been an advocate for 10 years now, across two governments – first with Gordon Brown, then with David Cameron – on enterprise, and really encouraging, pushing, cajoling, to do everything we can to embed enterprise in our national curriculum, and I continue to be disappointed that we just pay lip service to the issue.

“We talk about going back to basics, and we talk about times tables. We’re far too obsessed with times tables. While it is important for us to be able to add up, obviously, we take it as read that our kids should be able to do that.”

The businessman, who runs an entrepreneurs’ foundation for schools, said: “What’s bizarre is, we sadly don’t have a British dream.

“I’ve been harping on for ages … When you go and meet venture capital firms in America, and you go to look at their policies, there’s an incredible sense of pride in the American dream.

“But our British dream doesn’t seem to exist. I’m not saying that it has never existed – I’m sure it once did – but it doesn’t seem to exist now. We need to go back to grass roots – and it’s all about education, encouragement and support.”

Published: Tuesday 10th March 2015 by The News Editor

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