Pocket money and saving

There’s no right amount as it depends on how much spare money you have and how old they are.

If you don’t have enough spare money as pocket money, look at whether some of the money you spend on sweets, treats or toys could be used as pocket money instead.

It’s also worth thinking about when you’ll increase pocket money. You could do it on their birthday or when they go to middle or secondary school.

How often you give your child pocket money depends on: 

• how old they are 
  
• your budget, and  
  
• how much responsibility you want them to have. 
  

The key is to give money regularly as this helps them to learn how to save and budget.  

When children are younger, giving them pocket money every week gets them used to making their own decisions about how to spend their money.  

As they get older, giving them a monthly allowance teaches them to budget for longer, for example, preparing them to manage bigger expense like student loans or their own salary. 

You could give your children money in return for doing chores. This helps them learn that, usually, you need to work for money. They might also be more likely to do chores! 

This approach might not work for you if you want to use chores as a way for them to learn that they need to help around the house. You might prefer to teach them that they should do chores because they’re asked, not because they’re being paid. 

Saving together as a family can teach your child how to wait for something they want and the value of money. You can save online or by using cash.