Talk to Roosterbank.com about pocket money - great prizes to be won

[TheOtherHelenMumsnet]

The online pocket money site Roosterbank.com just released their first Pocket Money Index and they want to know what you think about all things pocket money.

Here's what they say about it: "The PMI is a fun glimpse into the habits of young pocket money earners on Roosterbank.com with some surprising results. Families give pocket money differently and ultimately it's up to you as to how you approach it. Roosterbank.com can help provide some structure along the way."

Please do take a look at the index and post what you think about it on this thread. If you give pocket money on a regular basis, Roosterbank.com would also like to know:

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

~ Are your DCs on par with the Index, above or below?

Every Mumsnetter who posts on this thread will be entered into a prize draw to win a first prize of a £150 Amazon Voucher and four runners up will win £20 vouchers each.

Roosterbank.com also have an exclusive offer for Mumsnetters - please do take a look at how it works and sign up here.

Thanks and good luck with the prize draw!
MNHQ

[PolkaDotCups]

Had a look and registered on the site. However my child was too young to add (the date of birth only goes to 2010).

I think it is a great idea. She doesn't get pocket money yet as she is too little but she does have money from Christmas. I tend to put 50% in her long term savings account (which she will get at 18) and I have 50% still in an envelope. I intend to pay it into a spare account I have so as she gets a little bit older she can use it to buy things she wants. I think Rooster bank will be a great way to manage this, both for me and her!

[Puppypoppet]

DD is 10 and gets £5 per week. I'm going to show it to her as she is doing quite well for her age. She helps out with chores when required.

Doesn't save as much as we'd like. I think I'll also point out the stats on saving. She does have a sealed money tin where she deposits money from time to time - saving towards an ipad so might take some time!! I think she is up to about £70.

[TheOtherHelenMumsnet]

@BornToFolk

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

No, I believe that DS should do his fair share of chores around the house, according to his abilities. It's not related to pocket money and I don't give pocket money as a reward either.

~ Are your DCs on par with the Index, above or below?

He's 5 and gets £1 a week so he's below the index.

Roosterbank looks interesting but I'm not really sure how it works! Will have to poke around...

"Roosterbank is an online piggy bank but instead of actually depositing money, you simply use it to keep track of your pocket money transactions. For more information, Roosterbank recommend that you check out info.roosterbank.com/how-it-works because there's much more besides, including a whole educational package around learning about maths and money."

[TheOtherHelenMumsnet]

@ATJabberwocky

It's an interesting site, but I was initially confused that the bank is virtual. I'm not sure I like the idea of my DCs picking lots of items they want, although it may be useful to get them things they like for Christmas and birthdays.

"Thanks for looking at the site. Think of Roosterbank as a bookkeeper for pocket money - it lets families keep track of pocket money without the need to make deposits on the site (which makes it simple for you to remove money and give them the cash). Children can therefore still handle cash if you feel that's important, as you can give it to them when they need it to spend at the shops or wherever, and they can keep track on the website how much they have and how they are using it.

On Roosterbank, children are encouraged to think about what they are doing with their pocket money be that putting it in their 'Safe' to save for the future, donating it to charity, or saving up for a treat they might want like a book or toy. The PMI index reveals most children seem to save - not least because they are encouraged to do so through earning a form of virtual interest and getting little awards the more they save. Those that choose to save up for books or toys do so at the expense of other things they might do with their pocket money - an early introduction to budgeting.

Hope that helps."

[BornToFolk]

Thanks for the response! I understand now, I was confused by the "virtual" aspect of it.

I'd definitely consider using the site but possibly when DS is a bit older. At the moment, he likes receiving his £1 coins and keeping them in his money box until he wants to spend them.

[TheOtherHelenMumsnet]

@THERhubarb

That is an interesting site although the link didn't make it obviously clear what it was all about. I read the stats and then thought "what am I supposed to do?" I got there in the end by clicking on the Roosterbank link at the bottom of the page.

I found the average pocket money doesn't seem to tally with the amounts they get by age? Average pocket money of just over £3 seems reasonable but I noticed that by the age of around 10 they are getting £5??? Who gives their 10 year olds £5 a week?

Anyway I like the idea behind the site, the only bugbear I have is that it's yet another computerised app when I am trying to wean mine off the computer. My dd isn't too bad but if ds goes on to check his balance he'll end up spending an hour playing games and educational or not, I would rather they didn't play games on the computer. Plus he's sneaky and protests that because they are educational he has actually been doing work which now requires him to play a couple of non-educational games as a reward. Bloody kids and their bloody logic!

I will have another look at the site however and think about signing up. I do want to teach them to save money responsibly and I'm all for anything which encourages that. The website looks to be user-friendly and fun so is definitely something the kids would enjoy doing.

Mine are not on a par with the index, no. They get pocket money for doing chores and how much they get depends on how many chores they do. I put a value next to each chore on a sheet; every time they complete a chore they put their name next to it and at the end of each week I add up the values to give them a total. It usually comes to a couple of pounds each.

My children are aged 12 and 9 and the chores we have on the sheet include hoovering their rooms (50p), setting the table for tea (30p), washing up (50p), cleaning out the hamster (50p), making the tea (50p), making cups of tea (20p), putting a load of washing in the machine (20p) and emptying the upstairs bins (20p).

They are quite lazy though and would rather do without pocket money than do some of the chores. I am quite strict though and so if all they have done is set the table for tea one day, they will only get 30p for that week. They have to learn that if they want more, they need to do more. There is the potential for both of them to earn around a fiver a week if they did all the chores and then I'd probably have to put the prices down - this is a recession after all!

Signing them up for Rooster might just make all the difference so it could be worth a shot.

"Thanks for your post and taking the time to look at Roosterbank. The Roosterbank average of £3.81 is for all ages and includes both regular pocket money and any boosts for extra jobs and additional earnings. It's not easy to define pocket money but that's what we have tried to do here to get a figure that is of some value to you.

The Pocket Money Index, where these statistics are revealed, is not embedded within the child areas of Roosterbank and we hope that parents continue to treat pocket money as something that is personal to their family as ultimately it depends how and what it is earned for and what it is expected to cover.

You can read more our views on the averages here, including some comparison surveys from Halifax and other surveys.

Hope this is helpful."

[THERhubarb]

Thanks for the reply Roosterbank.

I have a few more observations to make. My daughter tried to access the site via the mobile app but whilst parents can sign in this way, children can't. So she clicked on the classic view but most of that is not compatible with mobile devices so she only got a very limited view.

I would say that you really need to work on making all the features of the site compatible with mobile devices as that's how many kids now access the web - on iPods and iPhones.

As a result, my two haven't really had a good look at it yet but when she has her computer out tonight I'll encourage them to do so.

[TheOtherHelenMumsnet]

THERhubarb - thanks for your posts! Roosterbank.com wanted to respond to a few more of your comments...

"Thanks for taking the time to sign up and offering the feedback, it's very helpful!

The chat features are restricted by default and parents have to choose to enable them. If they do this, the messages are moderated. That said, many parents do feel like you and seem to leave the chat setting for their children on restricted mode - which means children can only use set safe phrases. It's understandable and something we might look at as we don't want to detract from the core educational offering.

In terms of the chore chart. Again a nice idea! Currently a lot of parents use our reward chart to manage chores alongside Roosterbank or make a boost on their mobile at the time of job completion. We might look at jazzing those features up though so thanks for the feedback.

With regards making Roosterbank accessible on all devices for children - we completely agree! We wanted to get a mobile version of the site out for parents to let them manage pocket money on the go - so parents can check their children's statements, balances and boost and remove pocket money while out at the shops on their behalf. We are now working on a mobile version of the site for children to complement this. The site works on tablets for parents and children, although some of the educational games are in flash and therefore don't currently work on iPads, again something we are working on resolving.

Thanks again."

[katiewalters]

my 3year old doesnt have pocket money, but he has a jar which we put money in every so often and we put our loose change in. we will sometimes put extra money in it if he does something to help us out around the house; such as making his bed, tidying his toys, loading the washing machine, etc. hes only 3 now, but i think its good to get him helping around the house now. once hes a bit older, will difenately pay him a regular weekly amount of pocket money, which he will only get if he does certain chores, which we will have a chart for, showing what he has to do on what day.
I did like the rooster site
on average my son would be on par with the index

[FannyPriceless]

Thanks for the link! I really love that PMI infographic. In fact, I'm tempted to use at work as an example of a good infographic!

I have to admit we have been a bit random but DD is only 4 and frankly doesn't 'get' it yet. We give £1 or £2 on a Saturday when it occurs to us, or if she notices her piggy bank and talks about it. She has a piggy bank and likes to put money in it, but that's it.

I suspect when she starts school all of this will change.

[threepiecesuite]

I had a look around the website and thought it was unique and inspiring. It prob needs a bigger push in the media to get more on board. It's something I'd definitely use - I'm super keen on the idea of 'earning' rewards and the value of things.

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
My DD is only 3 but starting to understand about money, spending and value. We give her pennies to save and spend in shops on small toys eg. stickers.

[newfashionedmum]

Our DD is 8 and gets 50p a week. Below many others - but she doesn't often have need of it because she's usually not really into buying stuff - apart from having a penchant for knick knacks in charity shops! She also gets the loose change from Dad's pockets.

We don't give her money for the specific chores, in the same we we allocate each other 'spends' every month from our joint account into our own accounts, she gets the money on the understanding she contributes generally to the running of the household as and when we ask. Cleaning, feeding pets, tidying up, that kind of stuff.

She has a savings account with Triodos which we opened for her, all her birthday money goes in there and someties she empties her piggy bank and we put the money in for her. She's saving for a something special when she grows up.

[TheTempest]

I really like the website, my DD's are 3 and 2 and get £1 each. I have 3 stepchildren with my ex partner who are 14 10 and 9. My 14yo DSD gets approximately a tenner a week and it is linked to attitude, helpfulness and keeping her room here tidy. She gets extra for babysitting generally, having looked at the website we are spot on for the little ones and high for DSD. The boys get £5 a week and dig walk x2 for that. I'm tough!

I have sent a link to my Dsis as my 9 yo nephew would love that. He loves that sort of thing. Great idea and well implemented I think!

[TwoIfBySea]

My dts (11) get pocket money, half they get in their wallets, half goes straight into their savings account. They are expected to do chores but not for the pocket money, the chores are just part of helping out around the house and shouldn't be paid.

The deal with pocket money is that if they want something they have to save up, apart from necessities like clothes etc. I don't buy anything out-with birthday and Christmas and very occasional treats. They want a magazine they have to pay for it.

It's been better since trying this way out as now they have to buy things with "their" money they're much more careful on what they spend and if the thing is actually worth it.

[malachite]

My kids are too young to understand pocket money at the moment but we plan to link it to chores as they get older. I'm not sure I see the point of the website tbh, but maybe if my kids were older I would. Why not just use real online banking to teach them how to manage their account? As for getting them to list things that they want, I would tend to use amazon wishlists for that. The ideas about saving and donating to charity I do like though.

[eteo]

I had not talk about money with them as they are not allow to have their own money. My son is 5 year old and he cant look after his lunch money let alone i give him money.

i love the ideas but to log in and out. it seems too much of the trouble.

[michelleblane]

My son is 15 and gets £20 a month. He is expected to keep his room tidy and help around the house, but the pocket money is not dependant on chores. He saves the money. I buy clothes etc. Occasionally he meets friends and goes to the cinema. I give his enough for the cinema ticket but he takes some of his pocket money for snacks. He is happy to use his own money for gifts like mother's/father's day or birthdays. When we go on holiday my parents always slip him some money and they also pay monthly into a building society for him. I feel we pay him a fair amount and I'm pleased he is saving it. (He is hoping to get an IPad soon with it)

[renaldo]

Mine don't have to earn their money, family chores are expected but not for monetary reward. We are well above the index, but the kids contribute to school trips and budget for them, and music, clothes etc.

[MrsCornish]

Am I the only person who thinks the emphasis on "what can I buy" and product promotions is hideous? The practical side of the site is fine, we do the same thing using a notebook, but it strikes me as an entirely hideous commercially motivated sales engine.

[SDTGisAnEvilWolefGenius]

Ds2 (17) and ds3(16) still get pocket money, in addition to the money they earn from doing paper rounds and, in ds2's case, from scoring for cricket matches. Part of this does go towards paying their phone contracts, and the rest can be clawed back if they incur a big debt (like ds3 accidentally running up a £600 phone bill).

We started giving them pocket money when they were quite small, but stopped for a number of years because I felt they were too careless with their possessions, so I was not prepared to carry on giving them money, for them to buy more plastic tat to break.

[Littleorangetree]

This looks like a very interesting website! My DS is still too young for pocket money, but he occasionally gets given some money now and then by various relatives. It gets put into a money box. I'd like to open a savings account for him at some point though.

Once he's old enough he'll probably be getting some pocket money as an incentive to do chores around the house.

[THERhubarb]

The reward chart is good but I'd like to add it to the kids dashboard so they can see what chores I'd like them to do and how much I will pay for each chore. Once they have complete their weekly chores, parents could get an email so they can check what has been completed and give them that sum amount.

Also, the site does look a bit young for my 12yo dd. You could have different levels on some things for younger and older children.

I'd better get £20 for all this feedback I'm giving!

[renaldo]

Mine don't have to earn their money, family chores are expected but not for monetary reward. We are well above the index, but the kids contribute to school trips and budget for them, and music, clothes etc.

[Patchouli]

Just had a quick look and my first thought was 'I can't show DD that'!
(The PMI) but it's not on the children's area of the website then?

[Fazerina]

My DS is too young to have pocket money, but I had a look on the site and think it's a gret idea to get kids into saving.

However, I would be a bit wary on the idea of teaching them on money only in virtual terms. I think kids tend to learn better when they can feel and touch things and I think having a piggy bank will stil be a major part of teaching DS about money. But I think this kind of site will be very useful to show DS how the money in his piggy bank will be recorded on the site andhow long it takes to save for what he might want to buy. It also teaches about delaying gratification, which is so important nowadays with all the commercials on toys etc. on kids' tv.