Should you give your children pocket money?

Finance and parenting experts tell LISA SALMON pocket money can help kids learn the value of money

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THERE'S no right or wrong answer to whether you should give your children pocket money - it depends on what suits your family.

The experts say it can be useful for helping children learn about money management from an early age, but it’s not necessarily right for every child or family.

"Pocket money can be a brilliant tool for teaching children the value of money, but there’s no one-size-fits-all approach,” says Vix Leyton, a consumer finance expert at thinkmoney.

Matt Buttery, CEO of the Triple P UK and Ireland parenting programme, adds: “Pocket money can be a tricky area for any parent. How much to give, at what age to start, or even whether to give children pocket money at all, are all common questions many parents have to deal with.

“Every family is different, and pocket money may not be the right choice for everyone.”

What age should you give pocket money?

Clearly, it’s up to parents whether they give their kids a regular allowance, and at what age - some think it’s useful to start dishing out pocket money from as young as four or five, as it can be a way to help children learn about money.

Mumsnet users, for example, seem to start giving pocket money around the age of five, and when children start school at around that age, they'll begin to learn basic maths.

Vix says: “A lot of parents might worry about when the ‘right’ time is to start giving pocket money, because it feels a little too grownup and formal. But really, as soon as children can grasp the idea that if you spend money, it’s gone, pocket money can be useful.