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Let’s talk pocket money with Money Advice Service

357 replies

EllieMumsnet · 12/11/2018 10:07

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

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Let’s talk pocket money with Money Advice Service
OP posts:
katieskatie82 · 14/12/2018 00:02

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,

PhilTB54 · 14/12/2018 00:33

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.

Jade5093 · 14/12/2018 06:35

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!

sadiewoohoo · 14/12/2018 07:39

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!

angela121262 · 14/12/2018 09:59

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

srobbo71 · 14/12/2018 11:13

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!

Twiglet1983 · 14/12/2018 14:47

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.

molly57 · 14/12/2018 16:49

Pocket money should be "easily earned".

Mariobug25 · 14/12/2018 22:20

We give our son pocket money in exchange for him completing little chores. It teaches him the concept of earning money which I think will serve him well later in life. I also believe that when he spends his pocket money he feels a real sense of achievement, having earned it himself :)

AvocadosBeforeMortgages · 14/12/2018 22:23

I was always given modest sums of pocket money growing up, and expected to buy the 'extras' with it e.g. sweets, CDs, and usually toys outside of Christmas and birthday.

I credit having the chance to learn about saving and budgeting from when I was very young (pre-school) as being a big part of why I'm good at saving and budgeting now.

emilygal · 14/12/2018 23:09

My 5yo gets £1 from her grandparents a week and £1 from me per. For special things like if she got an award at school or something we may give her more. She’s better at saving than me!

Having her collecting pocket money can come in really handy when she’s begging for something overpriced that you know she doesn’t really want at the shop: “I can’t afford to buy it for you but if you really really want it, you could spend your pocket money on it...”

Blondie1982 · 14/12/2018 23:11

I think it should be earnt by doing little jobs, I think it teaches children how to value money and to be responsible when choosing how to spend it i.e saving it or spending immediately

44PumpLane · 25/12/2018 13:08

Nothing yet as kids are too young but from about the age of 5 I will be giving a token amount per week but will allow them to "earn" more by helping with chores....20p for helping to unload dishwasher for example.

MNHQ
EllieMumsnet · 28/12/2018 13:23

Congratulations to alwaysinleggings for winning the £300 voucher Smile

OP posts:
MrsMaker88 · 28/12/2018 19:59

Mine are 4 and 3. I give them a few pound to spend at school fairs and they understand that when it runs out that’s that so they have to decide how best to spend it.

tubbyj · 29/12/2018 00:34

Find cash difficult as he would rather spend on small tat, rather than save for something a bit bigger that would get used more than a couple of times

Byrdie · 29/12/2018 16:51

We have two who get it. It's on an app rather than physical. We tried physical as I know how important it is to see the money and handle it but it just caused so much anguish as it kept getting lost or mislaid or forgotten so we switched. No more arguments as it's all tracked - what has been spent, what they have left, who gave them cash gifts and also pocket money goes in automatically so no more arguments about have i given it to them yet. 11 year old gets £3.50 a week, 8 year old gets £2.50 and 4 year old nothing but I buy her treats now and again. The cash doubles if they spend it on clothes or books. We also give them a favourable exchange rate when we're on holiday! They can also choose to (if it's a great deal) buy things for the treat box (used as prizes for great acheivements or for birthdays) and then save up to buy it back or 'win' it by doing somethjng worthy. I.e a certificate from school for something substantial or a great result in a hard exam or sporting event (usually I try and only do that if it's something they've worked really hard at or found really difficult.

CopperPan · 31/12/2018 23:47

It depends on their ages - e.g DS2 who is 11 gets £5 a week direct into his bank account, which increases for the older dc.

They can earn more for doing chores, but they also have some basic chores expected of them as well. I don't really have any rules on what they spend it on - I tend to tut when I see them coming home with sweets or spending it all on virtual things in online games, but I see it as their money to fritter as they want. I didn't get pocket money at all as a child, which I found frustrating as it meant I never had control over buying what I wanted, so I've introduced pocket money from age 5 for my dc.

kb1823 · 12/02/2019 22:53

£2 a week if the chores are done... properly!

HotChocolateLover · 07/03/2019 08:51

Our kids get a fiver a week. The step kids have it paid directly into their accounts. My son has a gym membership paid for in lieu of pocket money but he also gets money from his grandma. We don’t really expect chores but if DS is especially naughty or cheeky we will suspend the gym membership for a month!

Bumblebeans · 07/03/2019 10:21

DD is 4 and gets £1.50 in pocket money occasionally.
This allows her to choose a small toy /treat. And hopefully helps her to eventually understand that money has a value

Danascully2 · 30/03/2019 07:05

I think I need to start soon with my 5 year old but it won't be much. Maybe 50p a week.

TimandGinger · 01/04/2019 08:48

My DS doesn't get pocket money but he understands money quite well - they have done it at school. We do try to explain why we can't always buy things - for example taking our own snacks to the cinema. He is 7. I would probably start giving it when he's 9. Not sure how much I used to get - too long ago to remember....

SageYourResoluteOracle · 23/04/2019 03:56

DD is 7 and receives £3 per week. £1 for her to do as she wishes, £1 to save and £1 for charity. The charity money is taken to a charity of choice every few months.

Eisley · 23/04/2019 09:15

My step daughter gets £3.50 a week but she has to keep her room tidy. As she gets older more chores will be added