Should I give my child pocket money?

Giving pocket money allows children to learn how to manage their own money. Use it to teach them how to plan ahead and save up for things.

When should a child start getting pocket money?

Start to help your child understand about money as early as possible. Pocket money can be a great way to start teaching children to be responsible for their own money. From doing jobs around the house to earn some cash, to encouraging them to save up for something special.

We’ve worked with MoneyHelper to produce this guide. Their research shows that children who have responsibility for their own spending and saving decisions show better understanding of the value of money. They also know the difference between needs and wants.

Read our article on teaching children about money for advice with helping children of all ages to learn about money.

How much pocket money should you give?

This should fit the child’s age and your beliefs around money. Also consider your budget. Will your child buy all their treats, or will you pay for extra games, sweets and apps?

The average UK pocket money according to is around £4.99 a week. However, the true value doesn’t come from the coins in their piggy bank, but the good money habits they’ll gain from having their own money to manage. 

Remember needs change as children get older. Planning ahead will help you to budget and your children to learn what they need to save for.

*Information correct as of February 2023.

Different ways to give pocket money

Here are some options on how to handle pocket money:

  • Weekly pocket money to buy sweets, games, and other treats
    Children can then save up for what they want and only get toys or treats at special times such as birthdays or holidays.
  • Weekly pocket money with extra occasional toys and treats
    While this might avoid children getting upset, parents say children still pressure them for extras, and don’t learn the value of things.
  • Earning pocket money by doing chores around the house
    Some parents think earning money sends a good message. Others think children should help out because they are part of the family.
  • Weekly pocket money, with extra earned from household jobs
    Some parents like this idea as their children get regular money to manage but can earn extra.

Let your children make their own spending choices

Whatever you decide to do, it’s important to talk to children about their choices, and show them different ways to use money.

Give your child the freedom to make decisions and learn from their mistakes and successes with their own money. Talk with them about how their choices worked out and what they have learned.

Related products

Child Saver 

Child Saver 

For adults who want to save for a child aged 15 or under.

Under 15s Child Saver 

Smart Start 

Smart Start 

It’s never too early to teach them about money. For 11-to-15-year-olds who want to save, spend and learn with parental oversight.

Smart Start savings 

Junior Cash ISA 

Junior Cash ISA 

For under 18s who want to save for the future. Our Junior ISAs for children can build savings that will come of age with your child. 

Junior Cash ISA 

Related content

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Teaching children about money

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