Let’s talk pocket money with Money Advice Service

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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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I didn't get pocket money till about 11-12. My children are still young atm but I will start by giving them £3 a week when they turn 5.
And they can spend that on whatever they like it doesn't sound much but it will soon mount up.
When they turn 12-13 I imagine I'll probably give them £40 a month each I'm not too sure

Mine have had pocket money since they were about 5 and it goes up incrementally each year. Dd1 who is now 13 gets £4 a week. She's also got herself a monthly paper round to supplement it which I'm happy about. They can also earn some extra for doing additional jobs but there is a based level of jobs that are expected as being part of the household.

We don't do pocket money as such, if they want something then they either earn it with extra chores or will save any money given for birthdays/Christmas until they can afford it. If they have been particularly well behaved over a period of time or excel at school work/after-school activities then we occasionally will treat them to whatever they want, within reason.

My 4 are 7 and under so don't yet do pocket money but I put money away in savings for them. They do earn treats though through good behaviour

They are too young for pocket money just yet, but I do say 'you can have x or y, not both'

DD, who is 7 (almost 8) gets 50p a week. I feel, reading this, I should give her more and perhaps when she turns 8 I will change how we do it. It's only recently I feel she has wanted to spend money and all she wants to spend it on is things on games she plays on her tablet. I mildly discourage that but do let her spend £1 here and there.

The school have a savings club so maybe we should look into that.

I use GoHenry cards for my teens pocket money I can see balances and all their transactions. I pay £2 per week basic plus extra for chores

Hadn't thought about pocket money for my six year old until last two weeks when a friend mentioned she's started it for her children. They earned money for chores as well- I think this is a good idea

Okay so as a kid I never got much pocket money from my parents. I don't actually know why since we weren't poor and my dad could certainly afford it. Anyway due to that I always said I would give my own kids whatever I was able to. I do set a limit of £5 a week. That's a limit so to reach it they have to do certain good acts and behave well. DS always saves it up. He says he wants to be the worlds first trillionaire lol. He's only 10 and he has just under £200 saved.

£3-£5 per week, they save for the bigger things that they want, they get it for good behaviour.

not pocket money as such.but they were treated from us and gps with pund coins or fifty pence piece as much as we can.
they have to put them into piggy banks and we count them regually so they can see it mounting.and then when we are out they will be shown toys etc and explained how what they have in piggy banks could go towards it.
they can get more by doing little chores that go the extra mile.but I think chores should be done for free for the most part.or certainly some.
I think comparing to other is a big thing especially these days with social media,friend,celebs so I think it needs to be talked about.and made sure they know what money means and how everyone can afford diffierent in each family and that must be ok with them because its the best each family can do.

I also think its important when they are out and about to tot up certain groceries etc or how uch their choccies cost.so they can be aware of the cost of things.

My 14yo gets £4 per week, on average, which he generally blows on sweets! He tends to get money for Christmas and birthdays, though, which he saves for big purchases. He's currently after a new phone with a decent camera.

DS6 gets £1.50 per week when one of us remembers. It's not conditional on jobs. He wants to buy something everywhere we ever go, this is our way to try and wean him off it - if he wants to buy something he can use his own money for tat, or save up for something more worthwhile.

My 6 year old gets £1 a week for his piggy bank. He knows that I expect him to do small jobs in return when asked, for example cutlery on the table for dinner and setting off the dishwasher under supervision. Works OK for us so far but he's still young. He seems to be a natural saver as he doesn't want to spend the money and prefers watching it build up.

dd1 is 12 and gets £5 per week, and dd2 is 9 and gets £2.00.

They are both expected to stay on top of their homework, tidy their bedrooms and do specific jobs each day to get this (feeding small pet/recycling/making bed/loading dishwasher)

We have never given our kids pocket money. As soon as they were old enough they both got paper rounds. The eldest now works part time whilst studying for A Levels. The youngest is still doing his paper round whilst studying for his GCSEs. In our minds we paid for everything they needed when they were younger so didn't feel the need to give them extra. We've always discussed the cost of things and made a family decision as to whether we could afford it.

I didn't receive pocket money when I was a child and neither did my husband who was brought up in extreme poverty. I got a part time job in the supermarket when I was 14 working 18 hours a week. This was to buy my own clothes and anything else I needed. Mainly due to my emotionally abusive mother not providing for me, including basics like sanitary towels.

I am aware that both our upbringings have clouded our judgment on giving pocket money, but our kids have never wanted for anything.

I give my 7 year old £2 a week on a Saturday morning. She sometimes wants to spend it straightaway if we are heading out to the shops. But I mainly encourage her to save it, so she has cash for special days (like if there is a fair on). We buy all her craft materials and little treats (pots of putty, kinetic sand), so she doesn't really need pocket money but she loves having it. It is a good first step in learning about saving, and why saving is important.

Mine don't have regular pocket money, they have a list of chores they can choose from per week and they get 50p a chore.

Gotta work for your money in our house :)

My husband doesn't believe in pocket money. He thinks it makes the kids materialistic. I'm a sahm so can't afford to give it to them myself. We have one left home, one working 21 yes old then 15, 13, 11 and 7.

He says they'd waste it on sweets, I say that's how they learn. We're well off and my 21 yes old has got himself into debt , he's paying it all back himself.

Dh buys the DC pretty much whatever they want even though someone's he moans about the price £150 trainers for a birthday for instance.

I'd prefer to give them an allowance

I have preschoolers and don’t do pocket money yet but I’m thinking about it for the oldest with the expectation that I’d spend the same overall on tat on days out etc but it would be her money to decide if it’s really worth it.

When my eldest was 13 she did household jobs for her Nana, every Saturday earning £5.00 for two hours. She spent that on make up and we paid for any outings, outfits, meals out, presents for friends (which cost much more than our social expenditures!) .

Come 14 she still earnt the same , but that year she saved to pay for a flight to France with her friend's family.

She's not perfect with money now as a student, but is quite self sufficient ; she notices that the students from well off backgrounds that are given cash instantly and never had to do anything are largely over indulged, incompetent and more reckless with other people's money.

Although LO is too young for pocket money at 1 year old, he has an ISA savings account where money goes and when he does reach school age we intend to give £1 a week.

My teenage daughter gets £40 per month pocket money by bank transfer. We also pay for her monthly phone contract. She has two part time jobs which she fits around school but if she needs additional money for festivals, holidays etc I find her extra chores to do around the house (she is expected to help out with day to day jobs such as emptying the dishwasher, sorting the laundry etc without payment though).

DD (13) gets £5 week pocket money. For that she has to keep her bedroom clean and tidy and once a week sort out the 'play room'. The £5 can be spent on whatever she wants, but she doesn't get more.

She generally saves it (has an ATM style toy bank) and every couple of months will ask me to take her shopping.

She also saves any birthday money, and made a fortune last year charging her dad 50p per week "rent" of her summer house to grow tomato plants in!

I think she probably needs more these days (as the time of Make-up and hairspray looms) so I'll give her a raise, but will add jobs to her list!