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

We think that it gives children a good understanding of how to save for the things that they want and the importance of looking after money

We give our 7 year old £5 a week, one week he saves it in his bank account and the following week is his to do as he wants with. This way we are teaching him to save and also he get a reward for doing jobs during the week.

Our 13 year old son gets £2 from his Grandad in his hand & £5 a week from us paid into his bank account. Paying it into his account does seem to encourage him to save it, as it is more of a commitment to him, to actually withdraw the money

I think pocket money is a great idea, my little ones are too young to get pocket money at the moment, but when they are older I will definitely be giving them pocket money

Well we are well below the pocket money index since we do not give out pocket money on a regular basis. Theres something to be said for giving pocket money to children for doing something as are we not then teaching them to only do things in return for a reward. I'd want my child to help others for the good of helping and to tidy there room and brush there teeth because it's something they need to learn to do and to help with the family. I'm all for giving out spending money occasionally in the holidays or if we are going somewhere special - they do seam to appreciate it more and don't waste it on needless rubbish. And if there is something they really want we will have a little talk about if it's something that could wait till birthday/christmas.

My child doesn't receive pocket money yet but perhaps will do when he is older. He will get money from the tooth fairy though and he gets money from grandparents towards his savings every month.

we have dojos at home, a marble for good deeds, rewards for good behaviour and achievments which is coverted to money to spend how they wish

Personally I don't think kids doing chores like tidying their bedrooms ot picking up their toys to get pocket money is a good idea. I feel like they should be doing it because they're supposed to, not because they get money for it. However, I think pocket money is fine as an idea, and maybe it could be for any extra jobs they want to do. Like hoovering or whatever.

I think giving pocket money teaches your child to save and the value of money, what you can get my 10 year old gets £5 and my 4 year old gets £2. I have noticed with my eldest he started to buy plastic rubbish but then he realised if he saves his money he can buy bigger things and have the satisfaction of buying something himself. My youngest generally just puts in his money box as he doesn't quite understand what it is.
I feel it also helps with maths skills and understanding money, to start we gave my sons their money in different denominations to get used to different coins. Also they are encouraged to work out the change they should receive. I feel it teaches responsibility to look after their money to.

I think pocket money should be earned not just given, as sometimes it is just expected and I don't want my children to expect handouts every week. Even getting children to help with basic household chores like dusting etc and then they can have pocket money.

I think its important to give children pocket money for them to learn how to save and how to spend it.

my kids have to earn it, thye do washing up or taking the bins out and keeping their bedroom cleen

At the end of the week I hardly have any money left so can't give my children pocket money but they are amazing and still help out.

My son gets pocket money if he helps out around the house. He enjoys doing it and it is teaching him new skills. He helps me to pair the socks when I'm folding the washing and will separate colours before a wash. He also helps his grandad and our neighbours in the garden. He gets £2 a week if he has helped out, but he's generally a well behaved kid so if he has spent it and asks for something small I will "treat" him but remind him that he could spend his pocket money on it next time. He's getting the hang of saving now and will often ask for his pocket money in two £1 coins so he can put one in his piggy bank.

Hi,

this moeny would really help me buying a good christmas present for my daughter age 7.

Thank you

Veena

My little boy (4yrs) hasn't any concept of money or price. It became apparent when I started a reward chart with a prize if he got a minimum amount of stickers... He wanted £100 hour by train as his prize. Hopefully I can begin to teach him the value of money now he's at school and encourage him to put money in his money box. Although I thinks he's too young for regular pocket money it will be chores = reward when I think he's ready to start earning .

My boys are 6 and almost 9. They get £2.50 per week for good behaviour during term time - this gets docked by 10p every time they are rude, argue or misbehave.

During school holidays they are allowed to earn extra money by doing jobs around the house, and helping look after their little sister.

We have been teaching them to save so that they can spend the money on a toy they actually want, rather than wasting it on magazines and blind bags by spending it weekly.

So far, they are really enjoying doing this!

We don't give pocket money as such - we give our older two (who are both at senior school) dinner money each week and pay for their phones, plus if they have plans to go out with friends then we usually give them a fiver or a tenner, but they don't get regular money. The younger one is still at primary so doesn't really need a phone or dinner money, nor does he go out, but I do occasionally give him £5 so he can buy himself a little treat of some sort.
I'd like to be able to give them pocket money but realistically cannot afford to after forking out for everything else for them!

In our house pocket money has to be earned by chores and general attitude, the older ones get more than the younger ones and it seems to work.

We make our son earn his pocket money through good behaviour i.e £1 a day for being well behaved

I think it's an important step in teaching children the value of money and how to handle their own responsibly.

I think pocket money for children is a great idea, getting children to do small jobs.

I think pocket money is important as it gives my child some responsibility and allows them to understand how far money goes and appreciate what they have.

my kids dont get pocket money, i dont feel i should pay them for doing chores that they should assist with.

they get rewards for good grades but this is a toy etc not money