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Tell RoosterMoney your thoughts about pocket money - £250 voucher to be won! NOW CLOSED

304 replies

JustineBMumsnet · 27/09/2016 10:08

Following the release of their latest Pocket Money Index, RoosterMoney would like to know your thoughts surrounding pocket money. RoosterMoney is a pocket money app that’s designed to help parents take kids from their first steps in understanding the value of money to their first bank account.

Here’s what RoosterMoney have to say: “The Pocket Money Index is a fun glimpse into the habits of young pocket money earners in the UK. Every Family gives pocket money differently and ultimately it's up to you as to how you approach it. As the world of money becomes more digital it can be harder to teach kids about money, so RoosterMoney aims to provide some structure along the way."

So, take a look at the Pocket Money Index and post your thoughts on it below. Also, if you’re a regular pocket money giver, RoosterMoney would like to know if your children are on par with the index, and what your children do to earn their pocket money – do they complete chores, have a reward chart, or maybe they get it on a regular basis without strings attached?

All those who post below on the thread will be entered into a prize draw where one MNer will win a £250 Amazon voucher.

Thanks, and good luck with the prize draw!

MNHQ

Tell RoosterMoney your thoughts about pocket money - £250 voucher to be won! NOW CLOSED
OP posts:
spottypjs · 10/10/2016 19:28

I think you shouldn't give too much so that they start to understand the nature of saving for things they really want that cost more and also making them do little jobs in order to get their pocket money.

arat · 10/10/2016 19:30

Not sure I believe these figures! Ours get much less than the average figures as do most of their friends.

Ikea1234 · 10/10/2016 20:25

My son receives £5 per week, which he usually doesn't spend, apart from the odd trip to the shops, as we live near town and he can walk there and treat himself. He has a debit card where the money is paid into, and he cannot spend any more than is ever in the account. He also has an app attached to it, so he can see his balance and any account activity. I like to think it is making him more financially aware and savvy, and teaches him the value of everyday items, as he has realised that things are more expensive than he sometimes first thought. Hopefully we are setting him up for good financial habits in the future!

shivbrown · 10/10/2016 20:34

Pocket money is good but it dosnt need to be £20 a week or something like that. I think earning pocket money is a very good idea and gives children the drive to want to be good as they get a reward x

fazkin · 10/10/2016 20:47

I am eagerly waiting till my kids grasp the concept/value of money to understand pocket money. When they do eventually I would love to instill sense of responsibility by making them earn their pocket money.

multiplemummy · 10/10/2016 20:50

My 8 year old daughter gets £2 pocket money each week but for that she has to keep her room tidy, do her homework & be polite to her twin brother. We then go out, just the 2 of us to somewhere like poundland & she can spend her "well earned" money. I want to teach my kids that "if you want nice things in life, you have to earn it" Its slightly difficult at times as my daughter has asbergers & her twin brother has severe autism & severe learning difficulties. I'm very blessed that she's such a good girl, despite having her own difficulties, & the highlight of our week is having some mummy/Maisie time, going for coffee & cake & spending our pocket money!!

MrsDramaQueen · 10/10/2016 20:51

My children are 6 and 4. When they are really good or help around the house they get pocket money. We tried doing it on a weekly basis but this didn't quite work at the moment, we are going to try it again in about 6 months time. I think it encourages children to save up for something they want or put the money in the bank. It shows them the value of money, and also gives them an incentive for helping or being good.

StandUnderMyUmbrella · 10/10/2016 20:52

I think pocket money is a great starting point for helping children understand the value of money.
My daughter earns a £1 a day (mon to friday) for making her bed and generally keeping her room well. She has weekends and school holidays off!! - I have never seen her room so spotless as it is during the week!

samosh22 · 10/10/2016 21:03

I give regularly pocket money to my kids

bluebump · 10/10/2016 21:04

My DS has only just started getting pocket money at the age of 8 and it looks like he gets just short of the national average at £2.50 a week. To get this he has to do some small chores and general helping around the house.

He saves all of his money and puts it towards big purchases. He also gets £10 a month paid into his account from my mum and I still buy him a magazine each month.

Mum2mischiefs · 10/10/2016 21:15

Well, we used to get 10p per year when we were kids. My eldest (13) has got a load-able debit card that I put £15 per month on and when it's gone, it's gone. I buy all his clothes, toiletries etc. for him so this is for bits and pieces that he wants/needs. My younger two (10 & 8) get around £2.50 per week each. They help around the house and I would dock some if they were naughty but they are fairly good boys most of the time. My middle one is a great little saver and likes to buy himself bigger treats. I think pocket money is a great way to teach children the value of money.

happysouls · 10/10/2016 21:20

I think pocket money is to be earned mostly. It is a valuable lesson for children to know how hard money is to come by. They might then learn to spend it wisely as well if it doesn't come to them so easily! I don't think its good for them to be handed everything on a plate!

Charbru123 · 10/10/2016 21:27

great way to teach about budgeting

Dormouse1940 · 10/10/2016 21:48

I haven't started giving my little one pocket money yet (as he has no concept of it at the moment) though I will when he gets a bit older. I'm really hoping we can get him into good savings habits from an early age as I think this will only help him as he gets older. And it's a good boost for kids to be able to get little treats from time to time.
I'd like our son to grow up appreciating the value of things, but also to realise that the best things in life really are free and money isn't everything!

VanessaBet · 10/10/2016 21:49

My two boys (8 and 11) get £1 on Saturdays. I know this is below average, but they have generous family and friends and still have birthday money left in their money boxes (despite me taking the larger part of it and putting it in their banks). If they have two much money knocking around the younger is inclined to try to spend a fortune in one go on Match attax, and he is still getting to grips with the value of money.

If they want more, they'll need to be better about chores around the house. At the moment I like them to make their beds, lay the table, remember to put their breakfast things in the dishwasher...and generally do extra things I request with good grace and no deep sighs or eye roling -nothing too taxing!

itsali · 10/10/2016 22:06

Pocket money is the ideal way to learn how to save, that money is limited and how to choose purchases wisely. If children then want to earn more, it's an opportunity to educate on how the world works, instil a sense of achievement, to teach independence.

Annbunce · 10/10/2016 22:16

I think giving pocket money from a young age is a good thing, as they can see the importance of having to save their money for things that they want.

Lisapaige24 · 10/10/2016 22:33

My children all get pocket money it gives them a sense of responsibility and shows me what sort of person they will be a saver or a spender it helps them develop a comprehension of what happens when you spend all of your money at once or spend a little at a time and make it last and having to wait until you get your next pocket money

Cailin7 · 10/10/2016 22:33

Unsure about the Rooster Money Index, but it is a bit of fun. Our DCs get less than the average, but get subsidies from generous grandparents! I do think pocket money is important to encourage them to save and learn.

RACHELSMITH45 · 10/10/2016 22:42

Looks like we give ours less than average but they never go without..and if we count all the clubs, swimming, dancing, rainbows etc they don't do too badly!! We do need to organise a few chores I think and stick to it.

EmzzzEmma · 10/10/2016 22:48

My eldest daughter is ten and my Mam gives her and my two other children £1 every week, she has been taught that if she wants something, she has to save up for it..

lhlee62 · 10/10/2016 23:30

I think my kids are a bit young, 2 and 4 and they don't really understand the proper value of money. At the moment the oldest likes the bigger coins which would make sense that bigger coins are worth more, we keep giving her 2p pieces. I have been putting £20 into their accounts and the MIL, my sister and brother have been putting in £5 each as well for when they are older. I think I'll start giving them proper pocket money in a couple of years time.

compy99 · 10/10/2016 23:49

I think pocket money is a good way to start getting he idea of money, cost and savings, I always encourage them to save half and spend half,

kkhimji · 11/10/2016 01:28

every pound adds up, get a kitty jar and save, you will be surprised how much you can save!

alabaster002 · 11/10/2016 06:56

A good way of introducing early the idea of saving and sensible spending to your children.