How much pocket money should you give a 5 year old?

[Zigzag99]

As the title says..

I am thinking of giving my 5 year old pocket money as he has been learning about the different coins at school. I am interested to know what others give their children.

Thank you :)

Umm, I don't give my kids money now. But could be a good idea to teach them about money and also perhaps as reward? Like they get money if they earn it. For example every day if they do their chores they can earn 10pm or whatever you think it's fair. Then you can explain if they save enough they could buy a toy or something from pound shop.

Err nothing?

But I suppose 20p a week? I dunno

I think 20p is unfair given the price of things now,

It's not a good incentive to save when it's going to take you 5 weeks to get £1-

I think £1 a day

I gave none till they actually understood money.
Give him a load of change to count /play shops with etc

I don't give pocket money until age 8 as they don't really understand the value of money before then.

My kids start going to youth clubs around 5 and they have 70p to spend on sweets there, and take the 50p subs, so began to get an idea of what money is all about.

Mine get half their age in pocket money on condition of completing chores/homework. Eg 7 year old gets £3.50 and 6 year old gets £3. Eldest started getting pocket money around 6. The youngest got at 5 as they see what they are missing out on.

The benefit is if they ask for things you can suggest they use their own money!

DD at 6 got £2 a week, linked to being helpful at home. If she saved up for something worth more than £5, I match funded... Meant that if she wanted a £20 toy, she could save for it in a month (achievable) rather than 10 weeks (a veritable lifetime!) It worked well and she's a good little saver now.

My now 14yo got £1 a week as a 5yo.
At some point when exH and I split that changed to 50p a week from each of us - and I increased it by 10p per year and did the same for his younger brother, so 10p x age per week. Which seemed okay when they were small and just brought sweets - but seems somewhat lacking for a 14yo!! Although somehow he always has stacks of money so I've never got around to changing it.

For the last few years I've done a standing order into their bank accounts and they take cash out of the atm when they run out.

I'd think £2 per week would be a sensible amount.
Given that comics are about £4 and little cars the same means they can get one every other week or they can keep saving and buy something else rather than splashing out on a comic when all they really want is the toy off the front of it.

I give DS £2 a week. It's enough that he can buy the occasional toy or book from The Works or similar and still have some saved in his moneybox if we go for a day trip or to a fete or something.

He also knows if he wants a bigger toy then he needs to keep putting coins in his moneybox til he has enough! I give him a 'boost' by giving him 20p and smaller coins from my change when he's saving up for something.

We do the equivalent of 4 pounds a month. At this age, in my experience, it's mostly about practice for counting and looking at coin values. It's useful when we are out and about - if she says she wants something we talk about whether she wants it or her money more. So far she usually likes having a stack of coins more than she wants whatever tat she's spotted in the shop.

We didn't give the eldest pocket money till 7, but with the younger I found that I would be buying her stuff whilst the eldest had to use her own pocket money for the same things. It didn't seem fair that the little one didn't have the same limits.

DS 6 gets £2 per week if he has done his chores which consist of making the bed, tidying his toys at night and helping set table when we all eat together. When he wants something we talk about how much of his money it would take and that if he spends it on frippery A it will take longer to get sought after toy B. After that it's his decision to spend as he pleases.

I never had my own steady spending money as a kid and was never taught the value of money or budgeting or saving and have suffered as a result. I want DS to have a better relationship with money than I do!

My two are 7yrs and 5yrs and don't get anything. We have tried it from time to time but it didn't seem to work. Given the number of birthday parties etc they go to, there is a constant supply of sweets so I don't want them spending another 50p or £1 a week on sweets. Other things they want are too expensive & so fall into a birthday/Christmas category. The children very rarely go into shops so don't see pocket money toy type things regularly.
Instead, we give them money or buy them things when they need it. It was a village fair thing last night and there seemed to be a general consensus amongst parents that £3 was sufficient for glow stick/sweet/drink needs. When the fidget spinner craze hit, I just bought both DC one and, by chance, tied it into them having moved up a swimming level. In neither case would I have wanted them to have missed out what their friends were doing because they had spent their pocket money that morning on tat.