Pocket money therefore also helps kids understand the notion of consequence. Infuriating as a child, but oh so relevant when you're an adult. How many times did we hear the saying ‘all good things come to those who wait!” from our own parents? With pocket money, kids can learn to begin to make trade-offs - and the earlier we’re educated in the world of delayed gratification, the better! Learning to wait for the things you want is a lifelong lesson. Giving pocket money is the perfect introduction to financial responsibility, without being too scary or complex. It’s a fantastic way to begin to teach the very basics of money management - encouraging a healthy financial future.įrom learning the value of money and accepting that once money is spent, its gone, to understanding the concept of borrowing. Giving out pocket money on a regular basis is shown to have some seriously positive effects on how your kids deal with their money in adulthood. ‍ Why should you give your teen pocket money? In this blog, we dig deeper into the why, when and “how much” of pocket money, as well as our top tips on how to get started. To give pocket money or to not give pocket money? And if the answer is yes, how do you decide how much?

Which brings us to the question on everyones minds. That was just the way your parents ran their household. Maybe you weren’t given pocket money or very little at all. Whether you spent it on ice-cream, stickers, popped it into a little piggy bank or spent it on the thrill of a vending machine, pocket money was and still is, a glimpse into the wonders of adulthood for kids.

Pocket of money