Pocket money for 5 year old

[Phos]

I was just wondering if anyone gave their young children pocket money and how much.

I've had a few people say its completely unnecessary at that age but my thinking is its not too young to start raising financially literate kids and this is one way of introducing that. We were going to do £2 a week but I'm wanting her to be cognisant of the importance of saving as well so was thinking of increasing it a bit so she has some to spend on whatever sweets/tat from those ridiculous pound machines/comic etc she wants but also remembers to put some in her moneybox as well.

No. I couldn't be bothered if truth be told. But interestingly, at now 13 & 11, still no pocket money, they both completely understand the value, but also, and this is important, they teach me that it's fine to spend too, if you can. (I grew up poor knowing the value of money far too well, and now struggle to spend, even though I have it. My ex, grew up rich with no thought to money, and he has a wonderful attitude to money, always first to the bar etc. I want my dc to be like that rather than like me).

We've just started giving our DS5 pocket money - we settled on $5 a week, which would be roughly £2.50. I think it's a decent amount. He's had it for the past few weeks and saved it up in his new wallet, and then bought a $15 game voucher with it. He was so bloody proud of himself. I think it's a good age to start teaching life lessons. I wouldn't necessarily enforce savings at this stage, because I feel that will be a natural lesson / progression later, as they will want something they can't afford so will have to learn to save at that point.
However I do know people with kids the same age who absolutely enforce savings, so there's no one right answer on that one!

I think that's a good point about enforcing saving, maybe more of an encouragement. To be fair the comics she likes are sometimes £4 or £5 so she'd have to save for those.

Seems like a good amount then! She can save for a comic she likes in 2-3 weeks. Much more than that at the start is probably a little meaningless.