Schumacher admits: I'm a cheapskate

When your dad earns £40m a year, you might expect to be quids in when he hands out pocket money.

But Michael Schumacher is a self-confessed cheapskate when it comes to his children's weekly allowances.

Eight-year-old Gina-Maria and Mick, five, have to make do on just two euros - or £1.37 - a week each.

The Formula One star makes that much in two seconds from his Ferrari salary and lucrative endorsements.

With its extravagant racing cars and magnums of champagne splashed over winners, the sport offers few lessons in financial restraint.

But the seven-times champion is keen to set his children a different example back at their Swiss home.

'They have to learn wealth isn't automatic,' he told the aptly named German magazine Stern.

'They get, just like other children, two euros allowance per week. They can either save it or buy something they really want with it.'

The children would have to save for months on end to afford any of their father's official merchandise.

But at least they can expect to receive the odd gift here and there.

Schumacher's father, Ralf, likes to watch his grandchildren race around on mini-karts he bought for them.