Then, as they get older, asking your child to pay for items for you in real shops will make money and what things cost less of an alien concept.
Toy cash registers and playing shop at home are good ways to introduce young children to the idea of money. You can tie pocket money to chores like tidying-up and washing-up to promote a sense of earning. Children begin building their money habits at an early age, so as soon as your child can count and understand the concept of having a certain amount of something, then they are probably ready for pocket money, even if it’s only a few pence.
Giving your child pocket money provides the perfect opportunity to discuss money and teach your child good financial habits within the home, so here’s some practical advice and useful tips on this often-contentious subject.Īn Experian survey* revealed that 75% of parents first gave their child pocket money between the ages of five and seven. The more confident that parents are about managing their money, the more likely they are to talk to their children than those who are not confident with money (58% vs 33%). Yet research by the Money and Pensions Service (MaPS) found that less than half (46%) of parents talk openly with their children about money. There is growing recognition that the earlier our children start to learn good money habits, the more financially capable they will become as adults. Is there a right age for them to start getting pocket money? Is there a right amount? Will they spend or save it wisely?
As a parent, however, the idea of giving your own child pocket money can bring a new set of dilemmas and worries. Most of us remember the excitement of receiving pocket money as a child – the sound it made as it dropped through the slot into your moneybox, and then the thrill of deciding how to spend it.
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