Pocket money – how much, when and why!
I remember getting 5p a week pocket money, and my brother getting 10p a week. OK he was older than me, and he didn’t waste his money on rubbish. I am also showing my age here – 5p didn’t really buy you anything, but it was worth an awful lot more than it is today.
Recently the news was keen to tell us poor parents that “Pocket money ‘rose by 11p a week on average’ in 2009″* As if we don’t have to pay for enough things, we now have to give our kids more money as well?
The Government gives babies a “gift” that they can put into a trust fund for when they are 18. We are then baraged by emails and letters reminding us to ‘top up’ their nest egg. “Just £10 a month will make ALL the difference.” I am sure it would, but £10 a month is a lot of money.
When do you start giving your kids pocket money?
I opened a child’s bank account for my baby when he was about a year old. I opened my 1st savings account when I was about 15. Times change. Once I had opened the account, I felt obliged to put money into it for him. So I set up a standing order from my account. I guess this is modern pocket money. It doesn’t stop me giving him all my loose change for his piggy bank though.
How much pocket money SHOULD you give your kids?
Should you give your kids the same pocket money as their friends, or stick to your gut reaction and just stop dipping your hand in your pocket? I really don’t know the answer. It’s not an issue at the moment. At 3 years old, pocket money is pretty meaningless. But when he starts school properly I am sure pocket money rates will be mentioned – time and time again.
What does pocket money mean?
My parents used to tell me that my pocket money was less than that of my friends as I didn’t have to buy my clothes out of it. (Don’t worry, I wasn’t still getting 5p a week, once I could count to more than 10!) Other kids did buy their own clothes – this is true. It still felt unfair at the time.
Does my child buy his own CBeebies magazine? – NO. Does he buy his own chocolate buttons? – NO. At 3 years old, it would mean nothing to him and I would feel very, very guilty making him raid his piggy bank for treats. I’m not sure when this will stop – I’m not sure it ever will.
How much pocket money do you give your kids?
Leave a comment below – are you a Mean Mummy or a Flash Harry?
Further information:
“Pocket money ‘rose by 11p a week on average’ in 2009″ BBC news article
More information about the Child Trust Fund
We have just decided to teach son#1 about saving, by giving him pocket money, which he wants to use to save up to buy a Nintendo DS. At £2.50 a week, this may take some time, but if he manages to save half, we will give him the other half for it.
I think at 5 years old he is just about ready to learn about the value of money, and that things like that don’t just appear because you want them (I wish they did!)
He is keen to give it a go anyway (and I expect I will still help him out by buying his Ben 10 comic)
We’ve been giving the five year old boy pocket money for a few months now. £1 a week but we make a point of not buying toys now – he has to save for his own. It’s really reduced the amount of useless crap he comes home with, and he’s taking it quite well.
Claire – Thanks for your comment – I think I learned about the value of money quite young, and it’s something you never lose. You are so right to try teaching him young.
Vic – I can’t wait for that day! The one where the house is no longer filled with plastic tat! Hope it happens!
Just like Online Mum’s story, when I was a small boy I got 10p a week and my younger sister got 5p. Our parents said she would get 10p a week when she grew up to be my age. She didn’t think it was fair. After all, my toys and comics didn’t cost twice as much as hers. This must have been a dilemma for our parents.
(I didn’t complain – I was making a cool 10p a week so I wasn’t going to rock the boat!)
Jamie – I really think you should apologise to your younger sister. I know it wasn’t your fault, but you don’t sound like you felt so guilty at the injustice that you split the difference with her and made 7.5p each! Now that would have been fair!