We all want our kids to understand the real value of money and develop good financial habits and pocket money’s a great way to do this. But how much should you pay? Find out how much other parents are currently coughing up.
Pocket money can be a thorny issue. Is it a "gift" or should it be earned? If it’s earned what chores should be done in exchange? What should kids be expected to buy with it - mobile phones, presents for friends and family, cinema trips, clothes, magazines?
It's a fraught business. And that’s before you've even approached the dreaded question of "how much?"
There's no right or wrong answer to the how much question. It depends on your family circumstances, what you believe is fair and what you expect that money to cover.
You can find out the average amounts parents are paying in different areas of the country thanks to our pocket money survey. In 2015 it was £6.20 – but this is across all age groups. London parents are the most generous, giving £7.65, with those in Scotland not far behind at £7.27. Children in the West Midlands get just £5.45. Our recent research also shows that the amount of pocket money kids receive is growing significantly. Outpacing wage growth by a massive 255% since 1987. Lucky kids!
Looking at the parenting website Mumsnet throws up lots of discussions about what is reasonable. A key factor in how much parents are happy to pay is the child's age. The older the child the larger the typical sum paid and there definitely seems to be a difference in the importance of pocket money once children hit secondary school.
One mum noisytoys gives her 2-year-old £1 a week and her 4 year old £2 with a 50p increase on their birthdays. But many other parents think their offspring aren't ready for the concept of pocket money that young.
Mumsnetter kneedeepindaisies pays her 5-year-old son £1.50, but that’s dependent on him staying in bed and wearing his goggles in swimming.
With teenagers, commenter Belligerent Ghoul gives her 15 and 13 year old girls £30 a month – which has to stretch to trips to the cinema and coffee with friends.
Lucky Upahill's son gets £10 a week for saving, £20 put on his phone, around £75 a month for clothes and extra for keeping him amused in school holidays.
Paying money directly into a teenager's bank account monthly is a way many parents deal with helping their children learn to budget. Money might include dinner money and bus money and once the money is gone it's gone. GetOrfMoiLand says "we give her school dinner money and bus fare every month, and it is up to her to budget that. If she runs out, tough, she walks/starves."
As well as formulas based on their child's age, other parents such as InMySpareTime has has a price list menu for jobs round the house, which her children helped decide:
Even with parents who are worth in the region of £165 million Brooklyn Beckham decided not to rely on them for money. Victoria and David Beckham’s eldest child got a weekend job at a West London coffee shop where he is paid £2.68 an hour for cleaning up dishes. His parents said they wanted him to have a strong work ethic.