You generally want to start giving your child regular pocket money (or an allowance) so that they can learn how to manage small amounts of money and the value of that money. That’s asking A LOT for a young teen who has never previously handled money and whose brain is undergoing some major re-wiring! The amounts that you are likely to give them will not be insignificant and if it’s their first time handling money, it will require a lot of faith and trust that they will use good judgement when deciding to spend that money. Imagine, if you only start giving your child pocket money when they are in their early teens - an age typically where children begin to “need” money for socialising with friends or purchasing small items. It is important to start teaching children when they are “young,” so that they can start with small amounts and if they make poor judgements or lose money, it hopefully won’t be too serious. Children learn best through their own experience, and learning about money is no different. Giving children regular pocket money is a really good way for them to learn about money and managing their finances.
You will need to make your own judgement on when your child is ready to start receiving regular pocket money - and don’t worry, if you start and then realise that your child is actually too young and isn’t quite “getting it” or managing the additional responsibility, you can always pause and then start again in a year or so when your child is more mature. Some children are completely oblivious to money and rarely ask for things whereas others are just more into “stuff” or aware of what’s out there and available for purchase. It just depends on the maturity of your child and also on their interest in money and what it can do. A lot of parents wonder if and when to start giving their child pocket money (an allowance) and how much to give them.Ī good rule of thumb is that once children understand that money is necessary to purchase things - either things that they want (a toy) or experience (an outing) - you can consider giving them regular “pocket money” or an allowance.įor some children, this might occur as young as 5 or 6 years old, whereas others might be closer to 8 or 9.
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