Ask The Expert
Pocket Money
When it comes to handing out the pennies, be sure to reinforce the idea that parents are not just walking, talking piggy banks! Money needs to be earned, says our Expert.
Hello Debbie,
At what age should I start giving my son pocket money and how much should it be? I want to teach him good financial habits and give him some independence. My parents used to pay me to do odd jobs around the house which I reckon is a good idea too. What do you think?
Jennie
UKTV Style's Agony Aunt replies:
Hi Jennie,
I do think it is very important to give children a sense of responsibility where money is concerned and, ultimately, asking them to manage their own budget is one of the best ways to achieve this.
We now live in a hugely materialistic age, one in which shopping is seen as a major leisure activity, and where instant credit makes having whatever you want so simple. Sadly, as our incredible debt mountain indicates, few of us have grasped the significant fact - you can only spend what you have, and perhaps, most importantly, have earned.
So, ideally, pocket money should be given in return for taking on some household responsibilities. However, this is a bit of a minefield and needs careful handling. In my view, it gives the wrong signal to attach a monetary value to every little chore as all members of a family should help out willingly.
Try to avoid the 'I'll pay you a fiver if you wash the car' scenario, or your child will soon be demanding money for everything he does. Instead, make it clear that you will hand over the pocket money if he makes his bed or puts the dirty dishes in the dishwasher on a regular basis. Conversely, he needs to understand that pocket money will be withheld if he doesn't live up to expectations.
At what age should I start giving my son pocket money and how much should it be? I want to teach him good financial habits and give him some independence. My parents used to pay me to do odd jobs around the house which I reckon is a good idea too. What do you think?
Jennie
UKTV Style's Agony Aunt replies:
Hi Jennie,
I do think it is very important to give children a sense of responsibility where money is concerned and, ultimately, asking them to manage their own budget is one of the best ways to achieve this.
We now live in a hugely materialistic age, one in which shopping is seen as a major leisure activity, and where instant credit makes having whatever you want so simple. Sadly, as our incredible debt mountain indicates, few of us have grasped the significant fact - you can only spend what you have, and perhaps, most importantly, have earned.
So, ideally, pocket money should be given in return for taking on some household responsibilities. However, this is a bit of a minefield and needs careful handling. In my view, it gives the wrong signal to attach a monetary value to every little chore as all members of a family should help out willingly.
Try to avoid the 'I'll pay you a fiver if you wash the car' scenario, or your child will soon be demanding money for everything he does. Instead, make it clear that you will hand over the pocket money if he makes his bed or puts the dirty dishes in the dishwasher on a regular basis. Conversely, he needs to understand that pocket money will be withheld if he doesn't live up to expectations.
