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

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TheOtherHelenMumsnet · 26/04/2013 09:48

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!
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MNHQ

TheOtherHelenMumsnet · 01/05/2013 11:51

@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."

MNHQ

TheOtherHelenMumsnet · 01/05/2013 11:52

@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."

MNHQ

TheOtherHelenMumsnet · 01/05/2013 12:02

@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."

MNHQ

TheOtherHelenMumsnet · 01/05/2013 15:08

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."

MNHQ

TheOtherHelenMumsnet · 02/05/2013 16:36

Thanks for keeping the comments coming. Roosterbank.com have asked if they can respond to a few more of your comments - see their responses below...

@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.

"Thanks for your post and you have made a very important point.

On top of the practical pocket money management tools, Roosterbank is designed to help teach children to save and spend responsibly and we wanted to make that experience fun and rewarding. A child's pocket money is split into their 'Safe' and 'Wallet'. We place the emphasis on saving - encouraging children to add money to their 'Safe' for long term goals by giving them interest in the form of 'Roosties' and trophies the more and longer they save. The PMI reveals how popular this can be.

If children do decide to use some of their money to save for something in the Rooster Shop, such as a book, a toy or a charity donation, then they are encouraged to scrutinise the items and pick something they really want rather than making 'spur of the moment' purchases. All products have been selected based on age appropriateness and many are recommended by children themselves and checked by the Roosterbank team. Ultimately the parent approves everything and can reinforce the lessons Roosterbank helps provide by talking through whether they really need to use their pocket money buying another Lego set - or whatever it is.

Hope this helps."

MNHQ

TheOtherHelenMumsnet · 02/05/2013 16:40

@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?

Thanks for the post. The Pocket Money Index is designed purely as an indicative guide for parents. It is not displayed in the children's area of the site.

You shouldn't worry if you are under the index. We have parents giving 20p a week to their children - how much you give is down to you and ultimately comes down to what you are comfortable with and what you expect them to cover with it. However small the amount, in our experience children get a huge amount of satisfaction in taking responsibility for their pocket money. You can read more on pocket money averages and our feedback here.

MNHQ

TheOtherHelenMumsnet · 03/05/2013 17:28

Roosterbank have asked us to post another response - they love all your feedback and are very very grateful - please keep it coming!

@Trinski

I've just had a look at the index and I'm shocked to see how much children get these days. I remember when I got 25p a week, going up to £1 when I was a teenager. And this was really not very long ago.

Also, I'd like advice please on pocket money for my husband's children (14 and 8). We have them one night every week, plus every other weekend. I'd like them to start helping with chores, and get rewarded for it, but have no idea what would be fair recompense given how little we see them. Ideas please!

"You can check out the pay for specific jobs in the PMI which might help as a guide, but it does depend on the age of the child and the size of the job! Bear in mind it doesn't need to be a lot of money to get them going.

An alternative approach that many parents on Roosterbank use is to stipulate a number of chores or jobs their children must do in order to get a flat rate of pocket money each week. This avoids having to put a price tag on specific chores and encourages them to contribute. There are more tips on our 'How to give pocket money' page, which have been collated from the feedback we have received from parents.

If you do start paying for jobs or chores, one thing lots of parents reiterate to us is that you need to make it clear to them what jobs and chores you think they should be doing anyway and additional jobs you are prepared to pay for. This is often defined by the size of the job e.g. making your bed versus mowing the lawn, for example.

Hope that Helps."

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