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

[JustineBMumsnet]

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

I believe that giving pocket money to children helps them to learn the value of money and started to give my son a small amount weekly once he started school. However, I now wish I'd made this dependent on doing small jobs in the home (increasing as he got older) as he soon just saw the cash as an entitlement. He also got a very generous amount of pocket money from his gran and grandad and this caused problems when they died as he'd got used to the money and I could not afford to increase the amount I gave him. With the benefit of hindsight I would tread more carefully into the minefield that is pocket money!

I have just started giving my 5 year pocket money and he only receives £1 a week. His brother will start receiving when he turns 5. I think it is important to teach them how to budget but I don't think I needed to start before 5.

It helps children understand money is always on a budget

I think it's good to give a fair amount of pocket money

Six gets £1....I think I should increase it!

I think pocket money is great. I think it should be earnt and that enough should be given that they can go do something with it but should they want a toy/clothes or just something special it has to be saved for a few weeks. This teaches them to earn money and to save for something they want

We are a bit below the figures given here but not by much. The kids don't have to earn their money as personally I think they should be learning to do everything things such as tidying their rooms/making beds/general helping out as just part and parcel of contributing to the household. The money that they do get is theres to spend on whatever they want and I think its good to give them the money as it is teaching them the value of it but also if they spend all of it on the day its received, the rest of the week they cant treat themselves.

Pocket money is a necessity but it has to be earned

Mine are too young for pocket money yet but I do agree that it is a good idea. I think pocket money is important to learn about budgeting and saving. I think its a good idea for pocket money to include regular help around the house and a particular chore or two that has to be done, as well as homework. Extra can be offered for things like washing the car or helping in the garden.

I also like the marbles idea as mentioned above. I think I would like to incorporate that along side pocket money somehow. I have a few years to think about how to make it work

My boys get a little bit of money per job which they save up for their holiday spending more new.

I have not given mine regular pocket money, but if they do something extra around the house, I give them some. I feel that when they need things we buy it for them. Also, they do a paper round each where they earn a bit of pocket money for themselves.

i think its a good way to encourage children to work for their money and also teaches them money management which is invaluable

My little ones were 8 when they received pocket money, but they had to alternate washing and drying the dishes

In our house you have to earn your pocket money, no chores done no pocket money, I believe you have to teach them the value of money from a young age. I recently upgraded my oldest child pocket money but it has entailed more chores, which they are more than happy to do as they are always wanting to save for a bigger item.

It teaches children the value of money and saving which is important for adult life

I get my daughter to help out with cleaning and tidying. I give her a basic rate of a couple of quid but if she does everything I say then she gets a fiver a week :)

Pocket money is a great way of teaching children about the value of money. I give pocket money in exchange for a few chores, it's appreciated more & never wasted

The amounts look quite high to me. Don't give my daughter pocket money yet - she has just turned 6, think I need to pull my finger out!

i think pocket money is a great idea it gives children the incentive to do all there jobs and learn how to save money plus spend money its the start of there own business ventures

I love the idea of pocket money, my boys clean their rooms, walk the dog and wash my car, they get around £6 a week :)

We give pocket money every friday but they do have chores to earn this, each night they help with the setting of the table, clear away and help with the washing and drying. Also at weekends they hoover and poliish their rooms. I just think it gives them some sort of understanding thet you dont just get given money you have to earn it.

I think pocket money is important as it helps children to learn to budget.

Still not introduced pocket money for our 6 year old yet

Thanks all for posting on the thread. The winner of the prize draw is ButtonLoon

It definitely should be earned.