The age to start giving pocket money depends on your child and you.

Some parents give pocket money and ask the child to bank some regularly. Check that the bank does not charge any fees on this amount.

Some parents put part of children’s pocket money in a bank account for them.However some parents feel their children haven’t really learnt about money and how to manage it with this method. If this works well for your family there is no need to give pocket money. In some families children are given what they ask for and do not get pocket money.Not giving pocket money and explaining your reasons also helps children learn about money. If you don’t have much money to spare, even a very small amount can give a child the feeling of some independence.They learn that sometimes people have to wait and save up to get what they really want.

Pocket money can help children feel that they are important members of the family because they are given part of the family’s spending money.It is a valuable way to teach responsibility. The main reason for giving pocket money is to help children learn to manage money while they are young and you can still guide them.There are some general points that you may like to consider in making your decisions. To a large extent it depends on your family values, practices and finances. Whether to give pocket money, at what age and how much to give are things that many parents consider.

Pocket of money