Pocket the money10/31/2023 ![]() ![]() If it helps with benchmarking, MoneyHelper states that the average weekly amount of pocket money given to children is £11.70, but this can vary significantly according to their age and the expectations you set for them as to what they have to pay for out of their pocket money. Give an amount that’s affordable for you, that will still teach your child the value of saving up for the things they want. ![]() If you want your youngsters to learn how to budget, then you don’t want to give them too much pocket money – especially when times are tough. Adding: “Once they understand what it is, and have seen how you use it, pocket money is a great way to get them to understand what money is used for – whatever their age.” “The sooner kids are familiar with coins and notes, the quicker they begin to appreciate the value of money,” it explains. The government’s MoneyHelper service advises parents to begin their child’s financial education at the age of three or four. Not sure where to start? Here are the dos and don’ts you need to know … ![]()
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