We all want to raise our children well, and there are lots of benefits to giving pocket money. Pocket money is a great way for children to build their financial education. But many parents ask when they should stop giving their kids pocket money.
Benefits of giving pocket money
Giving your children pocket money can help them learn about earning, spending and saving. It also means that you can avoid your children potentially asking you for money whenever they want to buy something.
The great thing about giving regular pocket money is that it gives your children a set income. This will help them to learn about budgeting in small amounts. It's important to remember that giving pocket money is your choice and it’s not something that works for every family.
How much pocket money to give at what age
- Age 7: £3.52
- Age 8: £3.75
- Age 9: £4.12
- Age 10: £4.58
- Age 11: £5.34
- Age 12: £6.49
- Age 13: £8.09
- Age 14: £9.70
- Age 15: £11.34
- Age 16: £13.32
- Age 17: £14,52
- Age 18: £14.79
Paying your children regular pocket money is more important than the amount you give. Teaching them how to manage that regular payment, no matter how big or small, enables kids to learn about saving, spending and budgeting from a young age.
When to stop giving pocket money?
Some parents don’t stop giving their kids pocket money until they’re 18, and some continue giving an allowance for even longer, especially if their child is still in education. But some parents prefer to stop giving pocket money at a younger age.
Many parents stop giving or reduce the amount of pocket money they give their children once their kids can work. This encourages children to get part-time jobs. Of course, if your child cannot get a job, has too many after-school clubs, or needs additional money, you may want to keep giving your child pocket money for longer.
How to talk to your child about ending pocket money
It can be hard to talk to your children about stopping pocket money, but it’s easier if your child already has a good financial education. This means that they’ll be more used to managing their money through budgeting and saving, and they may already be earning their own money, too.
Of course, only you can decide when your child is ready for that talk, and you need to make sure the time is right.
Above all, it’s worth being open when discussing with them why you may be reducing or ending their pocket money, as well as being willing to answer any questions they might have.
Try GoHenry to give your kids pocket money
Parents can easily set up regular pocket money payments to their children with GoHenry. You can also use GoHenry to set up paid tasks. This can be anything from washing the dishes to hoovering or reading to younger siblings.
Paid tasks might have to be very simple for young children but can become more complex as your kid grows up. Age-appropriate chores are important. For example, a young child can tidy their toys, but you might want to wait until they’re a teen to get them mowing the lawn. Whatever tasks you set your children, GoHenry’s pocket money app allows you to reward your kids with regular pocket money payments and improve their financial education with Money Missions.
Remember: there’s no wrong answer
Choosing when to stop giving your kids pocket money is completely your choice. While some people stop when their kid is 10, other parents give their kids pocket money until they are 16 or older. You know your family best, and you know what is right for your kids. And remember, even if you stop giving your kids pocket money, you can start again if you think it’ll be good for them.