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When I was younger we never got pocket money, but my parents bought us what we needed when we needed it. What we wanted when we wanted it. And so did my grandad…..not that we ever wanted anything.
I see it alot nowadays where little kids…and I mean as young as 2 yrs old are given pocket money and they can only spend what they have on sweets or a magazine. Just had someone in now who wanted a magazine for £3.99 he didn’t have enough so his mum explained to him he has to wait til Friday, explaining 4 more sleeps, until he can have it. This lad was about 5ish and his sister was about 2 ish, she bought a sticker book for 99p and was sorted.
Can kids that young really grasp the concept of only spending what you have and saving for things you want? My kids never had pocket money but were always given money when they wanted it. Not that I just gave them whatever they demanded. But you knoow what I mean.
What are your views on this topic?mine got what they wanted and needed , pocket money was only given if it was earned , which was very rare lol
i think it is extremely good for them to earn pocket money and learn the value of money and that it doesnt grow on trees, and sometimes you have to save and wait for something.
No reason why as a parent you cant occassionally give them a treat if they want something and they deserve it but i think it is a very good idea, yes, plus sometimes parents havent got the money to just give them things, where as a few pence pocket money they can save themselves will mount up.
I also think pocket money should be earnt not just given, even if it is something as simple as good behaviour or helping out by picking something up for the younger ones to simple household chores for older children, it not only makes them realise they have to work for want they want but also gives them some great life skills for the future.I can’t remember how old I was when I started getting pocket money, I think I was around 11 or 12, but there was a set amount each week which could be taken away for bad behaviour. My parents still bought all the essentials and my pocket money was intended for the “luxuries” such as make-up, jewellery, records etc.
Can’t remember what programme it was, might have been Child of Our Time, it was presented by Dr Robert Winston, but they conducted a series of tests to determine at what ages children’s awareness of various things occured. It seems that children only think in the now until the age of around 7. Various children in the program were offered 2 squares of chocolate if they took it now or 10 squares of chocolate if they waited 10 minutes. The children under 7 didn’t seem to understand the concept of “later” and all of them took the “now” chocolate, the children over 7 all waited.
So yes, I agree with teaching the value of money and the concept of saving, but it seems pointless to really do this before the age of 7.
I quite agree under the age of maybe 8 is way too young. I see kids in the shop with parents who when they don’t have enough money to buy what they WANT, they seem quite resentful and very upset. Being so young they actually think that if they have money they basically can buy anything. To them the meaning of money means going to the shop and buying. No logic in what they can buy and why.
My youngest is 13 and last year we got him a contract mobile phone. Now the reason behind this was ..he actually needed a new phone and we got a brilliant deal of £15 a month for unlimited texts and 100 minutes a month. Now considering we were topping up his phone by £10 a week, it made good sense.
Now for this he has to work every Saturday in the shop. He comes up about 2ish and stays till 8pm. He also has to work in the holidays. If he has 1 week off he will probably work about 3 days of that. And if he’s at home while everyone else is at work he has to tidy the house, but does not get extra money or anything, he does it because he has been asked to do it, and I belive he is old enough to pull his weight around the house.
Like Tinks I was doing stuff around the house at quite a young age, and when I was about 14 used to work all my summer and half term holidays to help my mum out.
Learning the value of money is a very important lesson in life…its somthing we will use throughout, and makes you appreciate what you have if you are lucky enough to have it.
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