Let’s talk pocket money with Money Advice Service

[EllieMumsnet]

This activity is now closed

Navigating the world of pocket money can be a little tricky, especially since the rules are always changing. However it can also be for many children their first introduction to the concept of money and how to deal with it. That’s why in aid of ‘Talk Money Week’, Money Advice Service would love to hear all your thoughts, experiences and tips when it comes to pocket money.

Here’s what Money Advice Service has to say: “Children learn about money earlier than you’d think: by the age of 7 children have begun to form money habits. That’s why it’s never too early to start teaching them where money comes from and how to handle it. Giving pocket money – no matter how little – is one way to help children's’ money skills."

How much pocket money do you give your child/children? Do you set up a system where they can earn more if they do chores or do well in school? What about what they can spend it on? Are there any limitations or do you try encourage them to save it for something big? How much pocket money did you get when you were a child? And what age do you think it’s appropriate to start giving them pocket money?

Tell us everything about pocket money on the thread below to be entered into a prize draw where one MNer will win a £300 voucher of their choice (from a list).

Thanks and good luck with the prize draw
MNHQ

Standard Insight T&Cs Apply

[Twiglet1983]

We don't yet have to deal with pocket money but I think when our son is older he will be able to earn a little bit by completing chores around the house. I'm not sure he would be given something for nothing.

[srobbo71]

My daughter is 15 and my son is 10, my son has autism and doesn't get spends as he has so much other stuff going on that money just doesn't enter his mind. My daughter attends a hospital school and suffers anxiety so doesn't leave the house alone but still likes to have some money to buy gifts for family or personal items for herself. We give her £10 a week paid directly into a paypal account so that she can pay for things herself, we've been doing this for around a year now. She doesn't have set chores to do but she does help around the house when asked and makes cups of tea if she sees I'm having a tough time with her brother. When I was around her age I earned my own money doing a paper round. I don't think that the amount we give her is too much as she does save up for games that she wants and buys her own make up (which we would be doing if we didn't give her spends). It just teaches her to save and to budget from her own allowance. It's good to give kids an understanding of the value of money, she now looks at things and says things like "I'll wait and see if the price drops" or "I'll shop around" which I love!

[angela121262]

It’s better to make them earn their pocket money as a reward for good behaviour or keeping their bedroom clean.

[sadiewoohoo]

I think when they are very little it should just be a couple of pound towards sweets or comics etc. A woman at DDs school used to give her son a pound for every year old he was so at aged 8 he was getting £8 per week!

[Jade5093]

Mine are 6 and 4 and I try now to make them earn some money if they want to go buy sweets etc. I want them to appreciate it. Just things like tidying the play room. Etc. They need to learn!

[PhilTB54]

They get a tenner weekly and have to put £2-£4 in their bank acc. They've got bank cards and feel v grownup when they use them.

[katieskatie82]

i think its important for my son to earn his pocket money. He does chores around the house to earn his £5.00 pocket money each week,

[sweir1]

They have to earn it like I did. So that involves chores

[emms88]

I think children should be given pocket money as soon as they're old enough to ask for things in the shops and understand what pocket money is. By teaching them to save up for things and offering them the opportunity to earn more pocket money for chores you're setting them up with skills they will need later in life. I think it's important that children have their own things and the ability to save up for things they want.

[HomeEdRocks18]

I give my 16 Yr old £50 a month, my 14 Yr old gets £25 a month and the 6yr old gets £5 a month.
The older two get their pocket money on their nimbl cards. Our 6yr old buys a magazine and a packet of sweets with her money.
They can earn more money by doing jobs around the house or walking the dog.

[sootyo]

We started giving pocket money when they started school. Encouraged them to save some, and when we went on holiday gave them a little extra. This helped to reduce the "can I have?' when we were out, as they had their own money. They quickly learned to manage their own money .

[kittykomp]

it brings about responsibility.

[Kangakate]

I think pocket money should be earned, as that's the way it is in real life, but simple tasks ie emptying the dishwasher, walking the dog. It can be topped up by doing extra things like walking the dog.

[kiki725]

Mine will get pocket money but only when they have done jobs around the house. They won't get it just because they want some money. They need to learn the value of money and hard work

[Minnibix]

£5.00 a week to be spent as liked, more money allowed for little jobs around the house and garden, works this works well and will increase with age. Things are so expensive now

[Aubasaurus]

I struggle with this a little bit, I do think pocket money for kids is a great way to learn about saving for things you want, but we haven't started giving DD (6) pocket money yet as she has a decent amount in her money box and doesn't seem to want anything. She's also made a fair amount from the tooth fairy in the last year! Perhaps I need to make a conscious effort to cut back on buying her things so that she can start making those decisions herself.

[sjl19]

We don't give pocket money to our two children at the moment but have been thinking about it (they are 6 & 3). I think we will start small £1 ish a week and they can decide if they want to spend it or save it for something.

[09babisham]

My twin boys both have a savings account at a bank which they take £8 a mth in so £2 each a week. They also have a lifesavers account at school which they choose what they want to spend their money on and how much they want to deposit. They have to do small chores and spellings in order to earn the money. I do believe it helps prepare them for when they are older and gives them a good understanding of money and spending (well I'm hoping it works)

[Dormouse1940]

DS is just 4, so doesn't have set weekly pocket money just yet. He does have a piggy bank in which he delights putting in the pennies that he finds :D

I have wanted to save up for him from an early age though but money's a bit tight. I tend to put the odd five pound note aside in an envelope throughout the year, with the hopes that I can put away £50 in his savings account each year on his birthday. This may all change as he gets older and able to manage his savings etc himself, but for now, though it's not a lot, it's something small and positive I can do for his future.
I don't think he'll get a set allowance until he starts school and can demonstrate an understanding of the concept of money (it's pretty vague right now!)

I used to get pocket money as a child, I think it was about 50p a week for ages. Occasionally we could boost this with additional chores/odd jobs, but not regularly.
Once we hit mid-teens we got £25 a month paid into our account, on the understanding that any clothes we wanted/needed was to come out of this money (tbh my mum just hated shopping, so this was done out of convenience for her rather than her actively teaching us any money management skills lol)

[snare]

I pay my child £3 an hour for jobs in the house

[suzyq50]

Pocket money didn't crop up till early teens & then it was do some chores e.g wash car, cut the grass & you'll get £5.

[sofieellis]

My teenage son gets £5 per week, but it's on condition that he does certain things. Eg I will reduce it by 50p if his room is untidy, or he hasn't done homework, or he's cheeky etc. A few instances of naughtiness can result in him losing quite a bit of his pocket money, so this method seems to help with behaviour!

I also bribe him with school work and exam results - he gets extra if he does well with those and that has worked great as an incentive.

[suewilly]

When I was little I didn't get pocket money at all. Initially with my own children I didn't give them pocket money either but obviously gave them money when they wanted to buy gifts for friends or needed contributions to school events, etc.
My children began to get pocket money regularly when they began senior school. We had a discussion about why they were getting the amount they got and how they could earn more by doing chores at home and doing well at school. It seemed to work ok.

[mishknight]

I sporadically give my 9 year old a pound or so when she has done a job (washing up, hoovering...etc). She doesn't really need cash at the moment so we give other random treats like a book, toy car or other small toy for doing well at school.

[ROBDOLPHIN66]

My boys 9 and 4 do not get formal pocket money.
They do get money paid in to a child trust fund (9) and an ISA (4) each month.

They do get bought sweets and small toys for good behaviour (OK, more realistically) lack of bad behaviour / bribery.