Pocket money and children

[jay1796]

Hello
I am a student of Northumbria University, where for my final major project. I am designing a piggy bank for cashless society. Due to the lack of cash and kids these days having debit cards as early as 11 year olds, I want to create a product which will help them reach there saving goals and teach them about the value of money. Would it be possible if you could help me gain some insights on this topic.

You could read the gohenry website as that is pretty much their thing.

Yes that a great platform.
But I want to gain insights on how parents are managing their kids regarding their pocket money? and how do they teach them the core value of money and products?

What would make parents comfortable that their kids are learning the value as well as saving for goals?

How do you make them financially independent for their wants? By chores, allocated housework, pocket money, ?

How does parents decide pocket money?

What age do you start?
By my research, 7 year old kids fully understands how money works in our society.

As being a parent we sometimes spend too much on kids wants but don't allow them to learn the core value of needs and wants. They get bored with their toys and want another one. How do parents explain or handle their financial aspects.

Even does SAVING, SPENDING & GIVING money aspect actually work?