how old your child is – for example, you might give a 5-year-old $5 per week and a 7-year-old $7 per week.what household chores you expect your child to do.You can base your decision about how much pocket money to give on:
As long as your child understands how much they’ll get and how often, they can start learning how to use the money well. This depends on your circumstances and what you think is reasonable. And managing pocket money is a great way for your child to start developing a general sense of responsibility and independence.
Learning about money and developing financial literacy from a young age can help children develop responsible money habits and attitudes for later in life. Spending all their money today means there’s no more until the next payment.It’s important to save money and not spend it all.There are no hard and fast rules about when to start giving children pocket money.Ĭhildren might be ready to try managing pocket money if they can understand these messages: For example, if your child sees you setting a spending limit or shopping around for the best price, you help your child learn about sticking to a budget. Making a few mistakes is part of the learning process for your child.Ĭhildren learn a lot about money management by watching how you use money. Pocket money can also help children learn about consequences, including the consequences of losing money or spending it unwisely.
And if they’re saving, they’ll learn about waiting for things they want. Giving pocket money to children as young as 4 or 5 years helps them start learning about the value of money and money management.įor example, when children get pocket money, they have to make choices about spending or saving.
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