When should you start giving kids pocket money?

@liquorice (3901)
December 6, 2008 3:08pm CST
Today we went shopping and my mum came along. She jokingly said to my almost three-year old "We're going shopping today, have you got any money?", to which my daughter replied "No, I haven't got any. Daddy's got some, so I don't need any". This made us laugh, and granny told her that she had the right attitude! This got me wondering. In your opinion, what is the right age to start giving your child pocket money? Personally, I think that three is probably too young, but I also think that it's important to teach kids the value of money, and letting them save up their pennies and see what they can buy with them is a good way of doing that.
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8 responses
@James72 (26832)
• Australia
7 Dec 08
Personally I think that the younger they are the better as it teaches them from an early age the importance of money and saving. I started to get pocket money from around the age of 5 years old myself and had to do a few simple chores to get it. As long as the child is at a point in their life where they can understand what the concept of money is and why they will get it of they do A, B and C etc then the age doesn't really matter. Your daughter by the way certainly has a great sense of innocent humour for such a young age! lol.
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@liquorice (3901)
8 Dec 08
Thanks James. Yes, I think you're right; they need to understand the concept of money before receiving regular pocket money. I think at this age she's probably still a bit too young for this. And I like the idea of giving pocket money in exchange for some simple jobs around the house. That'll teach her that money is something that needs to be earnt, and also that by saving up your money you can buy things. Those are important lessons! Yes, you're right, she has a very good sense of humour. She surprises us with the funny but insightful things she comes out with!
@ronaldinu (12445)
• Malta
7 Dec 08
It depends on which school they do attend, if it is far away from home. If they return home using public transport or not. If they need money to buy their lunch or other "extras" such as drinks at school. © ronaldinu 2008
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@liquorice (3901)
8 Dec 08
Yes, when they're school age and they need some money for transport then we need to give them something to cover this. I suppose in my question I was thinking more of a regular amount of money per week or month, like an allowance. When I was young I used to get 50p pocket money each week. I can't remember how old I was, but maybe about 7 or 8. At the age of 3 I'm sure that I wasn't getting any sort of allowance. I'm thinking that I might give her the occasional coin to put in a piggy bank, and start proper pocket money when she's older. Thanks for your answer.
• India
7 Dec 08
no i dont think so its i right age to give them pocket money,,we can give them pocket money when they enter teenage..until then we should takecare of things,what they need,if they need something we should assit the,,of course you should give them some money for savings,like piggy bank..but that not right age to give them pocket money
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@liquorice (3901)
8 Dec 08
Thanks for your answer. I also think that three is probably a bit young to receive regular pocket money. But I think it's nice to occasionally give them something to put in their piggy bank and wait until they have enough to buy something for themselves. That seems as if it would be a valuable lesson for them.
@Shar19 (8236)
• United States
7 Dec 08
I'm not sure what the right age is but I think kids are never to young to start learning how to save their money. My kids both have a piggy bank and even when they see a penny on the sidewalk I tell them to pick it up and they'll put it in their piggy bank.
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@liquorice (3901)
8 Dec 08
Thanks for your answer Shar. How old are your kids? (If you don't mind me asking). I really like the idea of her having a piggy bank and saving up her pennies.
@CRSunrise (2964)
• United States
7 Dec 08
You're right. Three is a bit young for them to have any real pocket money of their own. They don't that they have money, but don't really understand the value of it. I would think that a good age for them to have real pocket mone would be around 9 or 10 unless you think their more mature at an earlier age. Some kids mature in that area faster than others. Shoot, there are some people who should never have pocket money on them. lol
@mimico (3619)
• Philippines
7 Dec 08
I think it would depend on why you want your kid to have money. If you want to tech your kid the value of money and hard work, then money should be doled out as a reward for small chores around the house or whenever she gets a good grade or something similar. But if you just want to make sure that your child has money to enjoy life, go shopping, and eat out, then it wouldn't matter if you left her an inheritance by the time she turns 22 or if you just give her an allowance by the time she starts going to school.
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@stinge (808)
• United States
7 Dec 08
I'm not a parent. But as we were all kids once, I think that givng them a few dollars is okay. Maybe when they turn into teens since that's the age they'll most likely be going out with their friends. it would suck to send your child to the mall with other kids and everyone is sitting their at Mcdonalds eating burgers and fries while your kid is sitting there with their hands stuffed in their pockets sucking on fresh air. ít's kind of a no win situation.If you give them to little they can't really enjoy themselves that much. If you give them too much, they'll most likely spen it all. My friends son goes to school up in Massachusets. She gave him a credit card with a spending limit on it. I can't count the number of times he has gone over the limit after she tells him not to use it so much. That's the thing with kids. They will never truly inderstand the value of money until they reach an age where they make their own cash and start buying things themselves. Then they can appreciate and understand that what ever it is they spend money on, wether it's food or clothing, or whatever, it's not to be wasted,and it's to be well taken care of. I know I did it when I was a child. My mom gave me a credit card when I was just out of higschool. I went to virginia with my cousin and came back with a trunk full of sneakers. I didn't see anything wrong with it. You don't undestand the true value of a dollar until you have a job and start paying bills.
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@UK_Shree (3604)
29 Dec 08
I do think three is too young. I personally have never received pocket money from my parents - its just something that they didn't believe in, but I was always given money for things that I wanted to buy or for stuff that I needed. However, when I was around 11 or 12 years old, I started getting small change for household chores and I did save up and get myself little treats! I think its far better to teach children the value of working for their money rather than giving it to them for nothing.