You respond: Does your child get pocket money?

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I give my nieces and nephews pocket money, which is usually gone after one trip to the shop. My sister, on the other hand, teaches her children the value of money, what you can buy with it, and why pocket money is not just money – for instance 20% of what you get goes into your bank account. 

I believe the benefits of giving pocket money is huge: it teaches your child that work gets rewarded when you help out in and around the house, and it teaches them sound financial habits. 

We asked: Do you give your child pocket money? If yes, how much? If not, why not? Do your kids have to work for their pocket money? What do you expect them to spend their money on? How do you teach your kids to manage their finances responsibly? Is the amount of pocket money for your son different to your daughter's or is it equal?

Here are some of the responses we got on Facebook.

1. He needs to learn to budget

Angelique says she used a notebook to budget as child, but she'd like to teach him to use an app. From his income he must calculate his monthly expenses, divided into "needs" and "wants". She adds that she's a bookkeeper!

2. He doesn't get paid for chores

Julie says that once she explained to her 6-year-old son that he'd have to use his money to choose between Lego and another toy he wanted on a whim, he didn't want that toy any longer. She adds that he has to do certain chores around the house, but that he does not get paid for these as they're just part of his responsibilities.

3. No to pocket money, yes to financial lessons

Lee Lynn says she makes them understand that money is hard to earn but that it's the only way to get it. She teaches them the importance of returning borrowed things, so that they understand the concept of returning borrowed money too. "I make them understand that once you spend money on something, you give up the opportunity to buy something else or save," she adds.

4. Pocket money is for luxuries

5. Thinking ahead 

6. She gets tuck-shop money on Fridays for treats


Read more: 

Teaching kids how to save 

Now SA kids can do their banking on a kiddies app 

Can your teen handle financial responsibilities?

Does your child get pocket money? How much, how old are they and what gender? What do they spend it on? Send us your comments and feedback chatback@parent24.com we might publish your response. If you want to remain anonymous, please tell us.

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