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 started giving my eldest pocket money from about the age 5 and told her she could use it for whatever she wanted, but once it's gone it's gone, but if she saved it she could buy whatever she wanted when she had collected enough. It obviously worked as she is better with money than I am.

I think pocket money is important, it helps children to learn the value of money. We give a small amount of pocket money each week and this can be topped up by doing extra jobs around the house.

We made up a chart, whereby each 'extra' chore equals a certain amount of pocket money.
These 'extra' chores are on top of the ones they should be doing - we do not give a financial reward for the ones they should be doing such as tidying there room and making their beds.
'Extra' chores would be for things like:
Washing the car
De-weading
Sweeping up the leaves
Taking the dog for a walk
Then at the end of the week we will or will not give pocket money based on what 'extra' chores they have done.
I feel this is beneficial as it teaches them not to expect something for nothing.

Pocket money is good it teaches kids the value of money and encourages them to work hard.