If you’re looking for answers on how much pocket money or allowance to give, then you’ve come to the right place.
We have pulled together some tips and averages to help give you a steer. Remember, these are just indicative – pocket money doesn’t have to be expensive. Giving pocket money in the right way (however much) can teach your kids skills and confidence in money matters and give them immense satisfaction, especially if you encourage your kids to earn it! Based on NatWest Rooster Money users, here are the averages by age of pocket money given by week.
Pocket weekly money average by age
4 years old
5 years old
6 years old
7 years old
8 years old
9 years old
10 years old
11 years old
12 years old
13 years old
14 years old
Top tips on how to decide how much to give
Budget what you expect your children to cover with their pocket money. It is surprising how small things can add up! One way of working this out is to look at “Wants” versus “Needs”. You can decide what needs you want to cover and what wants they should be covering themselves.
It can also be a great way to get your child involved and thinking about budgeting. Getting them to tot up all the things they get a week from you by way of sweets and other treats will show them how much you spend on them. If they have to cover their own chocolate and magazines, you can bet they will start thinking more carefully about how they spend their money.
Top paid chores
Mowing the lawn
Washing the car
Set out some conditions. Giving money regularly and with conditions keeps your kids focused and able to budget.
You can create conditions which could be anything from successful completion of a reward chart to a batch of basic jobs you’d expect your kids to do as a ‘minimum’ each week. Agreeing a small amount of ‘income’ for these conditions each week gives your child something to focus on and lets them anticipate what they should be doing with their cash when they get it.
Remember: earning pocket money is exciting! The Lottery would be pretty boring otherwise.
“Earning” money is hugely satisfying. While a regular allowance can be given with conditions, you can inspire your kids to earn some extra cash! You might stipulate emptying the dishwasher is about contributing to the family and a requirement of an allowance. Cleaning the car or tidying the garden can be a bonus! Remember, small amounts are fine, your kids can develop their negotiation skills as they go!
Tooth fairy visit
And, in case you’re wondering, the most popular pocket money day is Saturday!