AIBU to ask if giving kids pocket money is a waste of time?

[AIBUPODCAST]

Hi all, some of you are (hopefully) aware of the new AIBU? podcast, presented by Lucy Porter and Aasmah Mir.

We like to throw-out threads to see what you think and then report back on the podcast and Lucy wants to know if giving kids pocket money is just a waste of time, as you end-up buying stuff for them anyway, like comics, various club subs etc....so after spending-out on all the surplus items, is pocket money a bit of a con?

If you haven't caught the podcast yet, you can listen here:
play.acast.com/s/aibupodcast

Quite the reverse. If they have pocket money, and then are pestering for sweets / comics / other crap, then you just stick to the line that they need to spend their pocket money to buy them. That puts a limit on what they buy and also starts to teach them some money skills, which is surely something we should do as parents.

DS bought his own Nintendo Switch and games after saving up pocket money, Christmas money and birthday money.

I don't think its a waste of time or money, they learn to manage and save, and I also think its important that they are allowed to make mistakes with small amounts of money and have to manage the consequences.

It's important that they learn to manage money. DD is 6 but she does age appropriate chores in return for pocket money, it's good for her. If there's anything like sweets/comics that she wants that I won't buy then she can use her own money.

I agree that it's a good thing. I think it's very good for teaching them value etc. I buy regular clothes for dd12 for example, but if she wants a "designer/brand" version then she has to pay the difference in price. I am hoping it is teaching her about choices. My ds9 usually spends his on sweets but has recently saved up to buy a headset for his xbox. I pay them their age - so £10 a month for a 10 year old etc.

ohhhh paying their age is a great idea!

And very impressive that DS paid for his own x-box headset.

Anyone use the cards that Lucy was talking about on episode 3 of the podcast? You put money on the card, so it's a bit like a debit card.

Paying their age? Amateur stuff! I'm probably a bit of finance geek (day job is actuary), but my pocket money rates are an age-related scale which increases annually in line with the Consumer Prices Index. I pay most of it directly into their accounts by standing order, but also keep track of other pluses and minuses to settle accounts at the end of the month.

I don't think so. It gives them a feeling of freedom and maturity, makes them learn about the value of money and saving, and, more than anything else, it's just nice for them. Getting my pocket money as a kid used to be so exciting! I can remember saving it all up to buy things I wanted. It was lovely and I'd not like to take that long excitement from my children.

I think pocket money is a good idea. It gives them value for money. Yes, both of my dds have debit cards. I put the money in their accounts and they use it from there.
Dd1 is working now so doesn’t get pocket money now but we’ve never had any problems with them wanting extra to their allowance. I do (did) pay for their phone contract on top though.

DadDadDad - will you do our accounts?!!

What was the most ridiculous thing you bought with your pocket money? Our producer Amanda was desperate to get a 'Reach Toothbrush' after the man in the ad moved the head around - giving the impression that it was bendy.
PA was desperate to own a bendy toothbrush and so used her pocket money to own it, she was devastated when she got home to find it far from bendy.