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MNHQ

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:
alibabbaskeggy · 10/10/2016 07:07

pocket money in our house is based on jobs being done. even our 4 year old who gets £1 can put cups away to earn her money

TJCB68 · 10/10/2016 07:15

Children need to learn as early as possible how the world of money works. Earning, budgeting and spending their own money is a perfect way to teach them.

wjanice121 · 10/10/2016 07:17

We give our 5 year old £2 each week in return for helping her daddy bring the wood for the log burner into the house. She brings a couple of logs in her wheelbarrow. We feel that it teaches a child the value of money.

glenka · 10/10/2016 07:25

They only get pocket money if their rooms are kept tidy.

Ganne1 · 10/10/2016 07:26

We could never afford too much ... just enough for them to appreciate it, and save some.

wobblywindows · 10/10/2016 07:27

Mine get slightly below average, based on good grades & homework, and for the eldest I help with the phone contract. Housework / gardening / washing the car is optional.

vonniebab2 · 10/10/2016 07:29

I give pocket money in return for little jobs around the house it's a good start in life that you must earn your money and nothing comes free!

maryandbuzz1 · 10/10/2016 07:30

Having pocket money allows a child at an early age to get used to managing money so it is something we have always done although I can't remember at what age our child was that we started it. We began with a weekly amount of a pound but when he was older put a monthly amount into a savings account.

Roraima · 10/10/2016 07:32

Life is so easy nowadays ! I wish we had something like that when mine were growing. It would have saved so much guilt about too little or too much. Excellent idea for a young parent.
Us, learnt the hard way ...as per usual !

TracyKNixon · 10/10/2016 07:35

Yes, I think it is a good thing to give pocket money if your child does a little job, eg keep their room tidy etc

tubbss · 10/10/2016 07:38

My boys get £3 - £ each per week dependent on their behavior. I will not reward them if they are naughty

SSCRASE123 · 10/10/2016 07:49

Pocket money is a difficult one, we put money away regularly into savings but I don't think that really counts. I do expect them to help with chores during the week but not in exchange for money. I much prefer rewarding good behaviour or achievements than having a regular set amount of money.

Sarahwoods2000 · 10/10/2016 07:54

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towser44 · 10/10/2016 08:11

I'm happy for daughter to have pocket money and as she is only 4 years old it isn't a lot. However I think it's important for her to understand the value of money and as such she has to help with some very small jobs around the house to earn it.

Sid98 · 10/10/2016 08:12

My children only get pocket money in their birthdays and I teach them to save the money and not waste it

pgwynne · 10/10/2016 08:14

At the moment I don't give either of my two children (8 & 10) pocket money. However they do get money for their birthday, Christmas & when we go on holiday. I will give them pocket money when they are a bit older and are able to do more chores around the house in which to earn some money. I do give them some money when they go on school trips.

rutsan · 10/10/2016 08:19

I had to stop giving my son pocket money because he spent it all on sweets and junk food, so now I save his pocket money £5 a week if he has done everything Ive asked homework, keep his room tidy. He saves his money until he has enough to buy whatever he wants.

Narnianescape · 10/10/2016 08:26

Pocket money is important to teach children the value of money and how saving is benificial.

lizd31 · 10/10/2016 08:35

When my sister & I were young we earned our pocket money from a young age by helping around the house. It was a good way to learn responsibilities & I still think that is the way forward, children should not expect pocket money for nothing

blinkowl · 10/10/2016 08:44

Both DC (3.5 and nearly 8) have a pasta jar. They earn pastas e.g. for doing small jobs I ask them to do, being generally helpful or as a reward for good behaviour. Bad behaviour sees pastas taken out of the jar.

Each pasta is worth 5p. They can cash them in when they like to buy stuff.

alsproject · 10/10/2016 08:48

We give our 7 year old pocket money but we do expect him to do some chores to earn it

cluckyhen · 10/10/2016 08:52

Pocket money is a fantastic way of teaching children good work ethics - chores = money. It's also a good way of showing them how tosave up for those little things that they want.

My older children do not receive pocket money which apparently is very unfair - but I don't get paid for breathing and as they refuse to do chores why should I give them money? When they want something they will ask what chores need doing.

kittensmittens12 · 10/10/2016 09:06

I always had to work for my pocket money and I believe children should do the same. 1 chose = 50p

carolineandryanandseb · 10/10/2016 09:13

Pocket money is, in principle, a great thing- realising their own way the concepts involved and the value of things. Having to compromise with themselves rather than you for a change is also a real positive. I do, however, think that these days too many children get too much pocket money and it has become a negative and competitive thing which can be divisive amongst children and highlight the line between rich and poor too strongly. But then maybe that's another lesson it can teach... some people are always going to have more than you so make wise decisions and respect what you do have

Annieg1234 · 10/10/2016 09:20

i think giving children pocket money is really important, both my children have a weekly allowance and they both manage it very well, especially my daughter so seems to be very good at saving for something bigger, unfortunately my on dosent seem to have the same self restraint he finds it difficult not to spend but he is slowly learning. without their pocket money they wouldnt be learning this valuable life lesson.