When will you stop giving pocket money?.
What could go wrong? Are there unintended consequences that could arise?. Do you want to involve your children in decision making around pocket money?. What values and habits would you like to help your child develop?. Why are you putting the pocket money system in place? You might want to teach them saving, the value of money, delaying gratification or about the value of work. "If you implement something without knowing where it's going, it will backfire," she says. Many parents start pocket money without a plan, says psychologist and family therapist Jennifer Beard, which can lead to trouble down the road. "They'd compare prices at the supermarket and if they did want something, they would really think about whether it's what they wanted to spend their money on."Įventually, she plans to help them use the money they've saved up to invest or start a business when they turn 18. "In terms of the effect it has had on them, I saw them be more financially savvy," she says. She has them put half of their pocket money in a bank account, with the other half to spend as they choose. Ms Koit, who wrote a book about teaching children money habits, wants to help her children become savers rather than spenders. "If it's a teaching tool, you have to be clear about what the goal is," says Amy Koit, an accountant and mother of three. 
Whatever it is you want to teach, there's a way to build it into your pocket money system. Source: Share The Dream: Research Into Raising the Invisible-Money Generation Report (Financial Planning Association of Australia) based on quantitative survey of 1,003 parents who have children aged 4-18. 28 per cent of children don't get any pocket money.Children aged 14-18 get $17.60 per week on average.Children aged 9-13 get $9.60 per week on average.Children aged 4-8 get $6.20 per week on average.How much pocket money do Aussie kids get? Pocket money can be used to teach all sorts of things: delaying gratification, the benefits of shopping around, and even the happiness that can come from giving money to a good cause.
We asked some parents, and some experts (who are also parents), for their advice on finding a system that works. Let's face it, who needs more parental angst in their life? While pocket money might seem straightforward, it's often a tricky topic, and if you don't have a plan, you could end up creating problems for yourself. You have some money, you give it to your kid, and then they spend it.
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