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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:
SuzCG · 30/09/2016 10:22

I started giving pocket money when mine turned 5 - it's theirs to save for when we go on holiday or days out and they want to buy little souvenirs etc or they can save towards something bigger that they would like to buy. It's usually given on a Friday when I've read the teachers comments in their planner for that week - and will be withheld for naughty behaviour in school or at home.
Guilty Mummy feeling here as looking at the index, I'm paying below the average - can they sue me in the Court of Human Rights or anything?!?

LunaLoveg00d · 30/09/2016 16:08

Our kids don't get as much as the Index says is average, but I think it's really difficult to generalise. We give them a couple of pounds a week each probably, but I wouldn't expect them to buy clothes out of that, and if one of them wants to go to the cinema with friends I'll pay that as extra.

I am keen on them getting part time jobs as soon as possible though, it's only when you're earning your own money that you really start to appreciate it.

CheeseEMouse · 30/09/2016 18:16

I haven't started for our two yet but i think it's so important for learning how to do basic saving and budgeting (and the consequences of spending it all at one go!)

JoolsSchmools · 30/09/2016 19:25

I don't really give my DD pocket money (6) but she does get treats for extra special good behaviour etc.
However I think she's at the age now where she can be doing chores to earn some so I've downloaded the app to have a look

vickyors · 30/09/2016 20:56

I do think we'll give pocket money in a few years. I think it'll give the girls a sense of monetary value.

At the moment, we give a piece of dried pasta for helpful or kind things, or things around the house. And when her glass is full of pasta, she chooses a treat. And she gets a piece of pasta for tiny things, but she realises that treats are earned, and we all support each other.

mummymummums · 30/09/2016 21:34

We buy the children (aged 9 and 8) one comic each a month, and they have sticker charts. One sticker available per day but sticker is irredeemably lost for bad behaviour. When they get to 10 stickers they get £10 or an iTunes voucher. They probably get £10 every 3-4 weeks. It's not chores related as I expect them to help out anyway - their jobs are hanging out and bringing in washing, and emptying lunch boxes.

ataraxia · 30/09/2016 22:35

Nice to have a benchmark and guidance, lovely looking infographic, but I don't have any space for more apps at the moment, sadly!

misson · 30/09/2016 23:13

I hadn't even thought of pocket money Blush. Our eldest is ten. I might have to rectify the situation.

Tracerezor · 01/10/2016 04:14

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FlukeSkyeRunner · 01/10/2016 08:20

We're behind the index - mine are 4 and 6 and don't get regular pocket money yet. They have holiday money and ad hoc small amounts but we contribute monthly to their savings accounts without them knowing. Maybe it is time to start pocket money to teach them how to handle money.

CopperPan · 01/10/2016 15:24

I tend to check up on national pocket money reports to decide how much to give the dcs, so we're pretty much in line with the index. I think it's good to give pocket money from a young age, although when they were younger I ended up having to look after it for them and ended up with various purses full of their change in my handbag!

oneplus2is3 · 01/10/2016 16:06

We don't give regular pocket money but think we should. DD1 is 3 and DTs are 1 so still time to fix things. I strongly believe in teaching children the value of money. I'll never forget taking out nephew into a toy shop and giving him a budget. He just didn't understand he couldn't have whatever he chose. I don't want my own to be like that and pocket money is the way to go. I got a monthly allowance and and a good saver. DH didn't and struggles with finances Wink

MalcolmTuckersEyebrows · 01/10/2016 16:17

This reply has been deleted

Message withdrawn at poster's request.

MakeTeaNotWar · 01/10/2016 16:41

DC are 6 and 4 so we don't give pocket money yet. The infographic is interesting though. We intend to give pocket money at some point but I don't want to reward daily chores that really the DC should do anyway to contribute to the household

Catsgowoof · 01/10/2016 18:54

I like the idea of an 'allowance' that includes things like clothes school stuff toiletries etc to make budgeting more like real life

UpOnDown · 01/10/2016 20:31

I think pocket money is a good tool for developing money management skills!

CheeseAtFourpence · 01/10/2016 21:08

I don't give DD (5) pocket money at all. We did start doing it - 30p a day for making her bed, getting dressed without messing around and putting her clothes in the laundry. However she and we kept forgetting about the money! We tend to buy her what she wants as a treat instead.

I save for her each month and GPs give her money to save or spend as she chooses.

TheDuchessOfKidderminster · 02/10/2016 10:34

My DS is 4 and gets £3 every Friday. He doesn't have to do anything to earn it but will have opportunities to get more for doing things well during the week (bribery basically). I think having an app that he can use to track his money would be helpful for teaching him money management and also for helping him with setting goals for what he wants to spend his money on.

RealSLOAH · 02/10/2016 12:08

We don't give regular pocket money, as yet. We've thought about it, but our kids have no actual personal expenses, and we're happy to buy any incidental small "wants". It seems like so much hassle to save up coins for the sake of pocket money - merely to be transferred from piggy banks to bank accounts - when we rarely handle physical cash ourselves. It's easier to give ad-hoc amounts, as and when desired, or to transfer money directly into their bank accounts.

IHaveAToiletBrush · 02/10/2016 13:30

3 dc aged between 4-10 years they all get £10 per week pocket money and are really good at saving it for holidays and big items. They all currently have close to £300 saved. I think the problem is they are to good at spending mine and dh's money. They all have little jobs they do like clearing their place at the table after meals, putting away their clean washing and stripping there bed sheets off every Friday morning before school. This works for our family and I think it is good for them to have responsibility.

16augustholiday · 02/10/2016 15:55

Our 15yo gets £40 per month by standing order and we pay £15 per month towards a phone contract. Our 12yo gets £25 per month by standing order and again his phone contract paid for. Both have the internet banking app on their phones so can see at a glance how much money they have. One spends every penny, the other has saved and bought himself an Xbox one a couple of weeks ago.

They can both earn extra money for mowing the lawn etc and the 15yo earns irregular money by babysitting for friends.

We are comfortable financially but I don't want to buy DS a car for his 17th like a lot of parents round here seem to. I think some things should not just land in your lap.

Icapturethecast1e · 02/10/2016 19:35

My children get around a £1 a week. Sometimes I'll give my older child a little more if he asks. They ar e both spenders but I'm a super saver & thrifty so this disappoints me. Sometimes I can convince them to pool their money & buy different multi pack snacks from the supermarket which they think is a fab idea. Only occasionally will they save part of their money.

xcxcsophiexcxc · 02/10/2016 21:23

Definitely think its a fair portrayal of what children get and i agree with the chores and level of pay!
Definitely think pocket money is a good idea and even better when they reach an age of being able to help around the house.

BeeMyBaby · 02/10/2016 22:15

I think their poster age range is too wide- I remember when I was about 7 I would get 50p a week but when I was 14 I would get £10 a week, so grouping teens with 4yo doesn't really give meaningful data imo.

I give me DDs (4&6) £1.20 each a week to use at the weekend schools tuck shop, as it means they don't wine about going and I also think it helps them to learn to use money paying for things without a guardian present. I told them I would give them £1 each per week for their piggy banks if they tidied their room, however they haven't done this so they haven't been getting it...

CMOTDibbler · 03/10/2016 09:41

My ds gets pocket money with the opportunity to earn extra through doing non routine chores. If we are out for the day or doing something special, he'll get given extra to cover rides/ice creams etc