Do you reward your children with pocket money for their achievements? Share your thoughts - £200 to be won

[EllieSmumsnet]

Following NatWest Rooster Money’s latest Pocket Money Index we want to know: Have you ever thought about rewarding you kids for their achievements? Many parents believe that financial rewards can be a strong incentive for doing well at school or exams, good behaviour or completing homework. We’d love to hear your views on this approach. Do you reward your children with pocket money? Or do you have other methods for motivating them to excel in their studies? Share your thoughts and advice!

●Post your thoughts in the thread below to be entered into a Mumsnet prize draw
●One lucky MNer will win a £200 voucher for a store of their choice (from this list of VEX retailers).
●The closing date for entries will be 16th July 2024.

Here’s what some of our users say about the Natwest Rooster Card:

‘Very easy to transfer money, I get a notification when they’ve spent money, they can withdraw cash, use contactless etc. You have loads of control too e.g. whether they can use it for online purchases etc.’ Giggling girl

‘We have a Natwest Rooster Card which is linked to chores. Ds8 almost 9 gets £5 per week and has been able to save up for roller skates…that he has wanted and it works really well for us.’ LunaLoveFood

NatWest Rooster Money Card for ages 6-17, £19.99/yr or £1.99/m. Parent/guardian must be 18+ and UK resident. Subscription auto renews unless cancelled. Other fees may apply. T&Cs apply. See website for details.

Thanks and good luck with the prize draw!

MNHQ

Insight T&Cs apply

When our grandson stays on a Friday night he always does the wiping up and he gets rewarded with a £1 which he runs upstairs and pops into his piggy bank here and when it gets built up to a good amount we buy premium bonds for him. He says it is his house fund and has done ever since he was 5

We rewarded ours for their results which proved a great incentive for my DD but less so with my son.
We have always linked pocket money with a few basic chores, but as our DC are teens now I give clothing allowances too which must be spent on clothes. It's helped reduce the constant requests for expensive clothing and helped them budget for things.

We reward effort not results.
If they've tried their best and given 100%, that deserves a reward - which is sometimes financial but not always.

We're not at the exams stage yet, but while we will celebrate achievements (as we do already) with a meal out/trip to place of choice/whatever seems appropriate, I can't imagine giving monetary rewards for particular grades. There's enough pressure without an added one of feeling like doing less well will = less money, and the reward for good grades is the opportunities they unlock. And equally, my children's worth is not dependent on their exam results, so I don't want to create a system that makes it feel like it is in a very concrete way.

@EllieSmumsnet Hi, is this thread completed now, are you going to draw a winner ? thank you

My children are given behaviour/good deed cards. When they get 10 stars, they get pocket money. They then save the money until they have enough to buy something they really want.

@EllieSmumsnet a number of us have asked politely about this thread which should have closed six weeks ago. I ask a bit firmer this time. Please kindly report there has been a winner before the thread is reported to the ASA for false advertising of a reward. I appreciate I won’t get it by putting my head above the parapet two times now but others who contributed should be in with a chance as advertised. If there is a reason no winner is chosen that is hidden in the T&Cs then please elucidate us if relevant.. Thank you

@footgoldcycle congratulations, you are the winner of this discussion!

Wow. Amazing. Thank you

Congratulations @footgoldcycle you are the winner of the Natwest discussion!

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No I don't pay them for getting good grades but I just encourage them to do the best they can. I think they need to want to do it for themselves - and we fostered this from a young age. We do reward them with pocket money for tidy rooms though!