Pocket money is a personal preference that should be set by the parents themselves. But, that does not mean that all parents know exactly how much they should be giving their children. Therefore, we have put together a guide to ensure that parents can understand everything necessary.
Is there a specific age to begin giving your child pocket money?
There is no right or wrong age to begin giving you child pocket money, again, it is just personal preference. Although, there are specific key points that allow us to identify when might be a good time to bring finance into their lives.
Some children may show their parents that they are ready to begin receiving pocket money in different ways. A few of the most common ways are listed below:
- They understand some basic information on money and how it works.
- They’re aware that you have to pay for items with money.
- They understand that you need to save up for more expensive items.
Should my child have to earn their pocket money?
Some parents like to teach their children from a young age that they have to earn and work for their money. For example, they might ask them to do some chores before they receive cash. Other parents do not expect their children to do any chores or any work for their money. Neither of these choices are right or wrong, it is completely up to the parents.
If you choose that you would like your child to earn their money, one of the most motivating and fun ways is to use a chart. This allows the children to see exactly what they have to do and shows them what they have achieved.
Some common chores include:
- Washing up
- Cleaning their bedroom
- Helping with cleaning around the house
How much money should I give my child?
In the UK, the average amount of pocket money for children is between £5.75 and £6.50 per week. Although, this amount changes with age and region, meaning that it may not be the perfect amount for your child.
The amount you give your child at the age of 6, probably will not be the same amount you give them at 15. So, when planning how much to give them, keeping this in mind will be helpful. On average, the amount of pocket money increases by roughly £1 every couple of years.
|Age in years
|Average pocket money
|£4.44 per week
|£4.81 per week
|£5.22 per week
|£5.65 per week
|£6.60 per week
|£6.68 per week
|£7.61 per week
|£8.38 per week
|Average Pocket Money
|£6.89 per week
|£5.84 per week
|£6.06 per week
|£5.96 per week
|£5.62 per week
|£6.49 per week
|£5.79 per week
|£7.63 per week
|£6.27 per week
|£5.15 per week
How often should I give pocket money?
Most parents like to give their children pocket money weekly. This allows their child to get into a routine and understand what an actual wage would be like. But, this doesn’t mean that you cannot switch it up and give it every couple of weeks or even every month.
You could even consider giving it to them after they have done specific chores or after they have worked for it. This way, they don’t have to wait until a specific date. If you feel as though waiting is essential, you could line their pocket money up with your payday.
What is the purpose of pocket money?
The main purpose is for children to get a deeper understanding of finance at a younger age. This is to teach them the value of it. Therefore they will hopefully have an easier relationship with the management of their money in the future when they begin to earn their own money and pay their bills.
When deciding on what, when, or how to give your child pocket money, it is completely up to you. There are plenty of guides on the internet but it is all down to personal preference.
Although, trying to teach children to save money seams easy to us now, we still occasionally lose site of saving and budgeting ourselves. There may be a specific time in our lives where we haven’t been able to save or budget for something unexpected. This is where short term loans come in handy!
PM Loans are here for emergencies, should you ever need us