Pocket money is one way you can teach your child the value of money. It’s also a personal choice and you may choose to wait. However, evidence shows that giving children even the smallest amount of money regularly helps them learn how to manage money.

How much pocket money should I give?

There’s no right amount – as it can depend on how much spare money you have and how old they are. The key is to give them money regularly as this helps them to learn how to save and budget. 

If you don’t have enough spare money to give pocket money, you could look at whether some of the money you spend on sweets, treats or toys could be used as pocket money instead.

You also need to decide how much responsibility they’re ready for. Think about what you want them to use it for, such as:

• all their treats, toys, books and magazines – or just for a few extras
• trips out
• clothes
• mobile phone bills
• presents for family and friends.

It’s also worth thinking about when you’ll increase it. You could do it on their birthday or when they go to secondary or middle school, or sixth-form.

Giving pocket money in return for doing chores

You could give your children money in return for doing chores. This helps them learn that, usually, you need to work for money. They might also be more likely to do chores! 

However, this approach might not work for you if you want to use chores as a way for them to learn that they need to help out around the house. You might prefer to teach them that they should do chores because they’re asked, not because they’re being paid. 

How often to give pocket money

How often you give your child pocket money depends on how old they are, your budget and how much responsibility you want them to have.

Giving regular pocket money

Giving your child an amount of money to spend each week, fortnight or month is a good opportunity for them to:

• learn how to save and manage money
• make mistakes with small amounts of money so they can find out what doesn’t work well
• learn the value of things.

It should also mean that your children won’t ask you for as many things, as they have their own money to spend.