![]() ![]() ![]() Should Children Work for Their Pocket Money? Having some money of their own to spend will help them to come to terms with these concepts. They need to know that money is necessary to make purchases, that saving money allows for larger purchases, and that wasting money means having to wait longer to buy things. In KS1 children will start to be taught about money, its value and what it can be used for. That seems like a good time to begin familiarising children with money. Most parents start when their child is starting school. When Should I Start Giving Pocket Money?Īt what age (if at all) you should begin to give money to your children is of course up to you. ![]() #POCKET CASH MEANS HOW TO#Giving more than you can afford sets a terrible example to children, and defeats the whole purpose of pocket money – to teach children how to handle money sensibly. There is a danger that, having seen that a large portion of children receive over £25 over week you will want to do likewise. The most important thing to remember is to give only what you can afford. The amount YOU choose to give is a choice only you can make. How Much Pocket Money Should I Give?Īs you can see from our survey, the amount of money parents choose to give their children varies drastically. And the amount of pocket money children receive is no exception it seems. But it is the way our society is arranged. After all, some families have less disposable income than that to last a whole week. That amount of money for a child may seem excessive to some. In my opinion, a larger than expected number of children (9%) receive that much money every week. But this trend comes to an abrupt halt when we reach £25 or more. Looking at the figures above, you can see that fewer children receive higher amounts. Small numbers for larger amounts, as you would expect… or would you? Large Portion of Children Get More Than £25 Pocket Money Per Week Slightly more than I did but not by a huge amount. Slightly fewer children – 8% in our survey – receive between £5-£9.99 per week. It seems that times have not changed so much after all. Allowing for inflation that’s what I had as a child, and a similar amount to what my friends got. The second most popular answer, on a lowly 11%, was “less than £5 per week”. Most Common Amount of Pocket Money is Less Than £5 Per Week This might actually be the equivalent of giving more pocket money than most receive so the statistics are not so bad as they sound. If my daughter wants something then I will consider buying it for her. I cannot say for sure but I suspect that, rather than give their children money to spend, these parents treat their children themselves. After all, how can children ever treat themselves if they have no money to do it with? A whopping 66% of our respondents receive no pocket money at all. The main finding of our survey may surprise you. Two-thirds of Children Get No Pocket Money So, we asked 1,431 schoolchildren to tell us the amount they received. But how much pocket money are children given nowadays?įor this week’s survey we decided to find out. In today’s money that is the equivalent of £3.08 – hardly a vast sum. When I was a lad, way, way back in the 1980s, I was given the grand sum of £1.25 every Saturday. The amount of money given depends of course on the parent. Or, in strong-willed children, it’s saved up to buy more expensive items that simply HAVE to be bought. Traditionally it is a small amount used to buy little things like sweets or inexpensive toys. ![]() Pocket money is the only money children have access to and their first venture into the world of spending and saving. ![]()
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