7 year old’s relationship with money

[CandyCanes23]

I’m really intrigued by the bank TV advert that says research shows we form our relationship with money at 7 years old. With a DS about to turn 7 this week, I’m wondering what I should be doing?? Is it time to start pocket money? If so how much? Should he earn it? I feel like I don’t know where to start. Any advice?

My daughter earn's £1 a week for setting the table for dinner, she earns an extra 50p if she helps with some meal prep (chopping peppers/weighing ingredients for example)
She'll use this to pay for the sweet stall at the school disco/save up for a little treat from the toy shop etc.
She also gets some money at birthdays and Christmas so we take her shopping with some of it and get her to work out what she can buy/how much change etc.

@CandyCanes23 definitely start teaching your DC about budgeting and saving up. Earning pocket money is a good way to understand money doesn’t grow on trees.

For when he is slightly older Martin Lewis does a free book https://www.moneysavingexpert.com/family/financial-education/

I love that advert! Makes me smile every time.

I've spent wayyyy too long thinking about this because I grew up with a crappy understanding of money, no 'good' financial role models and ended up in a load of debt! Do not want the same for DS. I've given him pocket money as a regular £5 a week since he was about 3 into a GoHenry (yes I know he was officially too young back then 🤫) ~ he never touches this and it builds up, though occasionally he wants to look at the numbers on my phone! I think that's worked because if he wants a large toy etc I'll ask him if he wants to use his money or should I take a photo for Santa/his birthday and he normally picks that option. He doesn't 'earn' that, as I expect him to do normal household chores without payment.

What I also do ad hoc is pay him 50p/£1 for small jobs around the house. I give this to him in cash and let him take it to fairs/sweet shops/toy machines and he does spend it 😂 I have a very much 'when it's gone, it's gone' mentality for this.

I have a 9yr old and 6yr old. They receive £2 pocket money each week for helping at dinner time. £1 they can spend on a chocolate treat. Although the decision is there’s on what they spend their £1 on, we have a chat about what they get for their money, and what they can get if they put their money together.
The other £1 they put in a piggy bank and save for half term holidays, sometimes longer if they have seen something they want to save up for.

I haven’t seen that, but interesting to know, thanks. We have just started doing pocket money with 6 and 8yr old and unsure is it the best approach. But keen for chores to be expected and not only done for money, so I think that’s why we held off.

They are expected to: empty lunchboxes when they get home and put everything away, clear up after themselves after meals and help load or empty dishwasher after dinner. Do a quick 5 min tidy up in their rooms before getting tv.

Then we do a ‘family chore hour’ on a sat or Sun where we all pitch in with whatever task needs doing each week, and they can earn £5 for that, if they have also done all their daily chores through the week. It’s only been a few weeks and they have both spent what they’ve earned instantly so not quite fostered the saving mentality yet, but I hope that will come!!

We expect the DC to do chores. I haven't connected them to pocket money as I want them to see chores as part of a family working together, not that you should only do this type of task if there's a reward available. I'm clear with my children that we pay for a basic level of stuff but over and above I expect them to pay with their money. So yesterday we went to play crazy golf which we paid for but if they wanted something from the gift shop they had to spend their own money. We also talk about if they really want the shiny thing in front of them now or should they save for the future.

Same. They need to help in the house because they are part of the family, live, eat, get stuff dirty.

They do external jobs for pocket money and we pay for many things within reason

At about that age I started giving youngest sibling some money to buy small Christmas gifts for close family. We wrote a list of who they wanted to buy for, and what kind of thing they wanted. Then we spent a morning in town doing their shopping. It really helped them understand - if I spend twice as much on this person who will I leave out?
Then at Christmas they get to be part of the giving, not just receiving.
(In our house there were presents from father Christmas, and presents under the tree from family)

Thank you all for responses. I think then I’ll start with £2 a week, but definitely encourage him to save half. We also need to work on our household chores 😂 and budgeting lessons!