Pocket money & bank accounts for children

[Peony6573]

Just wondering what other parents do regarding pocket money. How old are your children and how much do you give them? what do you use it for?

Mine are 11 and 14 and they get a bit every now and again but most of the things they want and need we buy them within reason; mainly because I keep forgetting them getting them pocket money. They don't get any from relatives either; they are both mainly sensible with money.

Also, I would be easier if they have a bank account and I set a DD? are there any accounts for children.

I meant what do they children use the pocket money for: outings with friends, treats, gift for their friends birthdays, clothes for themselves, etc?

I think having pocket money is a great start to learning how to budget and saving money.

My youngest is 9. My eldest 15

My money is £10 a month at primary. £20 a month at secondary. I'm
Sure other give more but this is what I can afford.

I also have a savings account set at £50.

My eldest doesn't spend his at all. My youngest is a terrible spender always wanting next months money early.

I generally was letting her buy what she wants as I was hoping she would soon get use to having
Money and budgeting. But she is a year in now so we have now agreed she will 'save' £5. In a not to be touched piggy bank and £5 she can do what she likes with. The savings are for bigger things she might want or presents for family for birthday/Christmas. (I do top this up as needed).

I am not a fan of putting it into account. As I think for them to learn to handle money and budget. They need to see the actual hard cash

This is what works for me.

OP, there is a very similar thread posted yesterday, in which I gave a detailed reply.

www.mumsnet.com/Talk/legal_money_matters/4454034-teaching-pre-teen-about-money

By 9, my Ds had researched and compared available bank accounts for children, and picked one, based on the benefits they offered. He started with a savings account paying a higher interest rate, which also included an ATM card. Later he moved provider to an account with a Visa card, contactless payments and managing his account online (age 11, which is when some providers offer this).
It was a good way to begin learning about financial products.

Mine have the HSBC kids account and linked savings which is 2.5%.
Used to do cash pocket money but never had change.
They are 12 and 14 so a debit card is useful.
They like being able to transfer across to their savings accounts.
They get 1.50 a week - I'm clearly very stingy - and Xmas / birthday money from grandparents. They rarely spend any.