essay on pocket money advantages

Essay on Pocket Money

Students are often asked to write an essay on Pocket Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Pocket Money

Introduction.

Pocket money is a small amount of money given to children by their parents. It is a practical way to teach kids about financial responsibility.

Importance of Pocket Money

Pocket money helps children learn about budgeting and saving. It teaches them the value of money and encourages them to make wise spending decisions.

Managing Pocket Money

Children should be guided on how to manage their pocket money. They can save part of it, spend some on their needs, and maybe donate a portion to charity.

In conclusion, pocket money is a tool to prepare children for the financial realities of adulthood.

250 Words Essay on Pocket Money

The concept of pocket money, the importance of pocket money.

Pocket money plays a vital role in shaping a person’s understanding of money management. It teaches the value of money and the importance of budgeting, saving, and making informed financial decisions. It also fosters a sense of responsibility, as one has to manage their own funds and prioritize their spending based on needs and wants.

Pocket Money and Financial Independence

Financial independence is an essential life skill that begins with managing pocket money. It’s a stepping stone towards understanding the complexities of the financial world. It empowers youngsters to make their own spending decisions, consequently teaching them about the repercussions of poor financial choices.

Potential Downsides

Despite its benefits, pocket money can also have potential downsides. If not properly guided, children may develop poor spending habits or a sense of entitlement. It’s therefore crucial for parents to provide guidance and set boundaries around the use of pocket money.

In conclusion, pocket money serves as a practical tool for teaching financial literacy from a young age. It’s a concept that, when used properly, can cultivate financial independence and responsible financial habits. However, it requires careful guidance to ensure it fosters positive attitudes towards money management.

500 Words Essay on Pocket Money

Pocket money, often considered a simple financial tool, is a profound concept that holds the potential to shape an individual’s financial understanding and habits. It is a small amount of money given to children by their parents or guardians on a regular basis. The concept of pocket money is not just about providing financial support for minor expenses, but it is a practical way to teach young people about the value of money and financial responsibility.

The Significance of Pocket Money

Moreover, pocket money can also help in fostering a sense of responsibility. When students manage their own money, they understand the importance of making wise choices and the consequences of their financial decisions. They learn to prioritize their needs and wants, which is a critical life skill.

The Challenges of Pocket Money

Despite its numerous benefits, pocket money comes with its own set of challenges. The primary issue is determining the right amount. Too little pocket money could leave students struggling to cover their basic needs, while too much could lead to reckless spending and a lack of appreciation for the value of money.

Strategies for Effective Use of Pocket Money

To ensure the effective use of pocket money, it’s essential to implement strategies that promote responsible financial behavior. One effective method is to encourage students to save a certain percentage of their pocket money. This not only helps them accumulate savings but also instills a habit of saving.

Another important strategy is to involve students in budgeting. They should be encouraged to plan their expenditures, which will help them understand their spending patterns and control impulsive buying.

In conclusion, pocket money is a powerful tool that can shape a student’s financial behavior and understanding. Despite the challenges it presents, with the right strategies and guidance, it can be used effectively to instill financial responsibility and independence in students. The lessons learned from managing pocket money are invaluable, and they lay the groundwork for sound financial habits in adulthood.

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Pocket Money Essay | Essay on Pocket Money for Students and Children in English

February 13, 2024 by sastry

Pocket Money Essay: ‘Pocket Money’ is the term for the money that parents give to their children to spend every month. In America, they call it ‘allowance’. A child can spend this money in anyway he or she likes. Sometimes parents guide their children and help them decide how the money should be spent.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

Short Essay on Pocket Money 200 Words for Kids and Students in English

Below we have given a short essay on Pocket Money is for Classes 1, 2, 3, 4, 5 and 6. This short essay on the topic is suitable for students of class 6 and below.

I also get a fixed amount of pocket money every month from my parents.

I don’t spend all my pocket money. I put some of it in my piggy bank. Since I love chess, I use my pocket money to buy books about the game. Now I have a very good collection of books on chess. Sometimes, I go out to watch a film with my friends. Often we go out for lunch to some restaurant. If I like some music, I use my pocket money to buy tapes and CDs.

Since my sister is still too young, she does not get any pocket money. So, sometimes, I give her some money to spend or buy some things for her. During some months, I’m able to save most of my pocket money. At times I’m not able to save anything at all.

Overall, the concept of pocket money is good. It helps children understand the value of money and how one should plan for the entire month. It is important that parents are strict and do not give children more money once they have finished their pocket money.

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Pros and cons of pocket money: Advantages & Disadvantages

Pocket money is a contentious topic. Some people believe that it is essential for children to learn how to manage money, while others think that it just encourages them to spend unnecessarily. This blog post will explore the benefits of pocket money for kids . We will also highlight some tips on making sure that your child manages their money responsibly.

Related: How much pocket money should we give our kids?

Manage pocket money with GoHenry

Should children get pocket money?

There are key arguments for and against giving pocket money to your child. On the one hand, some people believe that pocket money is essential for children to learn how to manage money. This is particularly true if they are given pocket money that they have to use to cover specific expenses, such as buying lunch at school or going to the movies with friends. This can teach them the value of money and how to budget effectively.

On the other hand, some people argue that pocket money is unnecessary and encourages children to spend it unnecessarily. They believe that children should only be given money when they need it, such as for buying school supplies or paying for extracurricular activities.

So, what is the right answer? The truth is, it depends on your individual situation and what you believe is best for your child. Here are a few tips to help you make the decision:

• Talk to your children about money and how it works. This will help them understand why they are receiving pocket money and how they should use it
• Set clear rules about what the money can be used for. This will help your children to stay within budget and not spend impulsively
• Help your children to save their money. This can teach them the value of delayed gratification and how to save for a specific goal
• Monitor how your children are spending their money. This will help you to ensure that they are using it responsibly and not wasting it on unnecessary things

There are many reasons why pocket money should be earned. But, ultimately, whether or not you give your children pocket money is up to you.

When should kids start getting pocket money?

This is another area where there is no clear consensus. Some parents choose to give their children pocket money from a very young age, while others wait until they are older. There are pros and cons to both approaches.

Giving pocket money to younger children can help them to learn about money management at an early age. It's important to set clear rules about how the money can be spent. Otherwise, children may not learn anything from having pocket money.

Waiting until children are older to give them pocket money can help to teach them about responsibility. They will need to save up for specific items or activities and may even have to work for their money. But, this approach can also be more difficult to manage, as older children may be more likely to spend impulsively.

Again, it depends on your situation and what you believe is best for your child. Whatever you decide, make sure that you talk to your child about money management and set clear rules about spending. This will help them to spend their money wisely.

In the UK, pocket money is usually paid on a Friday (37%) or Saturday (29%), according to the Youth Economy Report . The amount that children receive varies but, on average, seven years-old children earn £3.52 per week.

Related: What age should I start giving pocket money 

What are the advantages of getting pocket money?

There are a few reasons why pocket money is beneficial. Firstly, it can teach children about the value of money and how to budget effectively. Secondly, it can help them to save up for specific items or activities. Finally, it can give them a sense of responsibility and allow them to make their own spending decisions.

So, if you are looking for a way to teach your children about money management, pocket money is a good option. It can also help them to learn the value of delayed gratification and save up for things that they want.

What are the disadvantages of getting pocket money?

While there are advantages to giving children pocket money, there are also a few potential disadvantages. Firstly, it can encourage them to spend unnecessarily. Secondly, it may be difficult to fit into your household budget. Finally, it can lead to arguments if children are not given the same amount of money as their siblings.

This means that it is important to weigh up the pros and cons of pocket money before making a decision. If you decide that it’s right for your family, make sure to set clear rules about how the money can be spent. This will help your children to use their money wisely.

Should I just give my child pocket money or make them earn it?

There’s no right or wrong answer to this. There are pros and cons to both approaches. If you give your child pocket money, they will learn about money management and budgeting. But, if you expect them to earn their pocket money, they will learn the value of hard work and delayed gratification. You should also keep in mind that there are many ways to reward your child .

A good option can be to adopt a mix of both approaches. For example, you could give them a small amount of pocket money each week and then top it up if they do extra chores around the house. Apart from other benefits of giving kids chores, this will teach them both the value of money and the importance of hard work.

How much pocket money should I give?

According to the Youth Economy Report , at the age of 7, children get an average of £3.52 per week, while 18-year-olds get an average of  £14.79 per week. Overall, in the UK, the average amount of weekly pocket money is £7.62. 

Of course, the amount of pocket money to give your child depends on your individual situation. You may want to give your child a smaller amount of pocket money each week, or a larger sum to give them each month or once they reach a specific milestone (e.g. completing their school year). Alternatively, you could focus more on paid tasks and chores .

It ultimately depends on your child’s age, what they want to spend their money on, and your family budget.

How should I give my kids pocket money?

Now you know the pros and cons of giving your child pocket money, you can consider how to give it to them. With GoHenry, you can give your child their pocket money in a way that is convenient for you and them. You can choose to send them money and set paid tasks, which can be managed with the GoHenry pocket money feature of the app. When used in conjunction with their GoHenry kids debit card , this means that they will always have access to their money – and be able to check their balance before they spend. 

You can also use your parent logins to keep track of how much pocket money your child is receiving and how they are spending it. This can help you to ensure that they are using their money wisely. Your child will also benefit from in-app Money Missions , which are interactive games and quizzes designed to accelerate your child’s financial education, as well as the ability to set savings, add spending limits and rules, and receive notifications when your child spends money using their GoHenry card.

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Should Pocket Money be Given to Children?

Do you give your child pocket money or like other parents are you also confused? Pocket money has always been a major concern for most parents. Most families have a heated argument between parents and children for the same. Kids are keen to get money and wish to spend them on their own accord but on the contrary, parents are anxious and have their own set of doubts.

Most Indian parents think their kids are too small to deal with money. They are not only doubtful that their kids might get into the wrong company but think they may also misuse money and lead to self-harm. As each coin has 2 sides, similar is the case with this situation. Therefore, we cannot jump to a conclusion about whether pocket money should be given or not.

Advantages of giving pocket money :

Offering pocket money to children can be an excellent method to instill financial responsibility in them. It enables them to practise spending and saving as well as learn more about money management in general. According to our findings, the majority of German households regularly give their children pocket money. According to respondents , 71% of children aged 4 to 6 receive pocket money, rising to 95% for those aged 10 to 12. Only 13% of children aged 4 to 18 receive no personal money at all.

Be independent:

The most important benefit of giving pocket money is teaching kids to be independent and that’s the key to success in today’s time. When parents allow them to play with money, kids feel connected and they think their parents trust them. When they have money, they develop the ability to manage and learn its importance. Most parents feel that they might misuse the money given to them but unless you trust them and let them contribute to their expenses, they will never learn the difference between ‘use’ and ‘misuse’ of money.

Though there are some notorious kids and the best way to deal with them is to ask for the record of every single penny at the end of a week or a month. It works two in one. They will not only learn to use money wisely but this will also make them vigilant and smart to spend efficiently because, in the end, they know they have to submit the r eport to their parents .

Teaching kids the lesson and the importance of saving money:

What generally happens with most Indian kids is that by the time they reach adolescence they neither have much knowledge nor experience in dealing with money. This makes it difficult and they sometimes become a target of fraud. The reason being that they lack confidence and experience. The prime role which lies in parents’ part is not only to teach them the right use of money but also instil in them the value of savings. Complete your sentences by the use of suitable examples.

For instance, give them a real-life example of a person who resolved his problem because he had some savings with him. When you give them their fixed pocket money, ask them to keep some part of it in ‘Piggybank’. Start with a small penny and gradually increase the amount. Sit with them and help them draft their monthly expenditure chart. This way they will learn the efficient use of money. Let them plan the expenditure chart and try to mend it as well as teach them to save. For example, ask them to prefer Rs. 10 candy instead of Rs. 15, and see how happy they become to get Rs. 5 extra.

Teaching kids about the Value of Money:

Sometimes in the initial stage kids tend to spend more money on useless things. Let them do, be it partying, food, movies, stationery, or other things. In some time, they will realise they have no money to spend towards the end of the month on essential goods. Then let them figure out the flaws in their expenditure and mend them the next time. In this way, they will learn to value money. Let them take part in discussions for the monthly budget. Give them a game to save let’s say Rs. 200 in a particular month and appreciate their inputs as well. Tell them the things that are useful to purchase and what all to avoid. Sometimes take them for shopping as well. Give them a list of items and ask to manage the entire purchase within the money constraint. The best way to inculcate in them the value of money is to take their active participation and welcome their suggestions. The other way can be to ask them to save their pocket money to help the needy. Give them a time span of some months and use all their savings to buy gifts and clothes for the poor. This will encourage them to keep a portion of their pocket money as savings. In total, 89% of those polled say they have a strict pocket money schedule, with 36% providing their children money weekly and 53% giving them money monthly. In contrast, we discovered that some parents opt to choose when their children receive money:

11% of parents report that their children receive money when they need it, but not on a daily basis.

18% of parents give their children pocket money depending on their behaviour.

However, some families who adhere to a set timetable or amount say they are open to changes. 27% said they would reconsider the amount of pocket money they give their children based on the circumstances, such as special events, trips, and so on.

But yes, we cannot neglect the drawbacks of giving pocket money to kids. Have a look at them too.

Teaching kids about money management and how to invest pocket Money:  

With money in their pocket, kids sometimes become callous with money. They start showing off this to their friends. Sometimes they might even get influenced by others and start comparing the amount of pocket money they and their friends receive. This sometimes hurt their ego and they start demanding for more pocket money from parents. They start speaking lies to get an increment in their pocket money. If this wish is left unfulfilled, in some worst cases, kids even go-ahead to steal money.

They don’t even realize what is wrong or right for them. Influence is a strong weapon, the only way to help your kids stay away from this is “awareness”. Before handing over money teach them values, once they become wise and sensible, there is no scope of such incidents to take place in the future. Tell them to stay cautious from all frauds or negative influence, by sharing real-life experiences.

Teaching kids about the spending of money :  

With money by their side kids instil a sense of superiority and start targeting their subordinates or kids with lesser money to spend. They make fun of others and use bad languages against them. When children get too much freedom to spend money, they stop using their brains and spend money lavishly. Sometimes they even get fantasized about wrong habits. The presence of money tempts them to indulge in certain time-wasting habits be it, chilling in canteens, going out for movies, or addiction to junk food, smoking, drinking, or even gambling. All these are signs of kids developing bad habits. When not checked upon, these practices can turn worse, eventually, landing kids in a position where realizing the truth becomes difficult. This affects both physically and mentally. Excess addiction to junk food deteriorates health on a large scale leading to certain diseases. Kids start prioritizing money over other things and demand more money for expenditure. This has an adverse effect on studies as well.

Keep all these points in mind when you hand over money to your kids. There is as such no harm in giving pocket money but parents need to be extra cautious about when, how, and why to give money. A parent’s job is not limited to providing pocket money. They have to have a check on a timely basis and should stipulate the record of each penny given to them. This will make kids less liable to get inclined towards faux pas.  

Pros and cons of pocket money – is giving an allowance a good idea?

Our money expert explores the benefits and drawbacks of pocket money and whether kids should have to earn the money they are given

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Pocket money can be a great way to teach children about the value of money and money management, but it has both its advantages and drawbacks.

Experts say giving your child an allowance can encourage them to take responsible decisions and build independence, and right now, teaching your kids about money has arguably never been more important. 

You can also use a pocket money app to encourage your children to develop good money habits and then, as your offspring get older, you can look for the  best bank accounts for kids . 

Co-founder of money app GoHenry, Louise Hill , says: “It doesn't matter how much you give – it can be 5p or £5 – but the act of paying regular pocket money helps open up conversations around money, and gets children thinking about the four key pillars of money management: spending, saving, earning, and giving.

“You can help kids understand where it comes from; why it's important to save; that when it's gone, it's gone; and the role donating to people less fortunate plays in society. This is even more important as we move to a cashless society and children don’t see physical money exchanging hands in the way we used to.”

Pros of pocket money

According to GoHenry’s Youth Economy Report 2022 , the average pocket money received by children in the UK is £7.62 a week. Most parents increase pocket money with age, with seven-year-olds typically receiving £3.52 a week, 10-year-olds £4.58 and 16-year-olds £13.32.

But regardless of the amount, there are numerous advantages to giving pocket money.

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1. It teaches children about money management

Having a set weekly allowance will help your children learn to prioritise and budget for the things they want. It will also teach them that their supply of money is finite.

Claire Saunders, certified financial coach at Mint Coaching , says “Pocket money is usually the first opportunity children have to learn and understand the value of money and to navigate financial responsibility. By receiving regular pocket money, children can make choices as they learn how to save, budget, and make spending decisions.” 

2. Children can learn about earning money

Understanding the link between money and work is a vital part of kids’ financial education. For young children who aren’t old enough to get a part-time job, paid tasks can be a good introduction to the world of work.

Some parents might also tie pocket money into rewarding good behaviour. Dani Kumrou, mum to 12-year-old Ellie-rose and user of GoHenry, says: “When Ellie-rose was really young we had a reward chart where she’d get stickers for doing things like putting her toys away, eating her fruits and vegetables, playing nicely and sharing with her friends. We would then give her pocket money so she could save up and buy a new toy. So, she learned from a really young age that good behaviour pays rewards, and you should always be good and kind.” 

3. It can help get your kids in the savings habit

Parents should encourage children to save a proportion of their pocket money for future large purchases – this can teach them about delayed gratification. You can encourage them to save by paying ‘interest’ on the money they put aside, or matching their savings for specific items. 

Dr Lily Canter , a journalist and mother-of-two, says: “I have been giving my boys pocket money from a young age. They both got it from age six and they get £1 a week. It has really helped them to understand the value of money. If they want a magazine, toy or treat for example they have to buy it.

“They both got savings accounts at seven and top this up with their pocket money regularly. My eldest bought himself a laptop at age eight with the money he had saved from pocket money and birthday money from relatives.”

4. Children can apply maths skills to everyday life

Unfortunately, personal finance isn’t widely taught in schools. But maths is. By giving your kids pocket money you can tie the two subjects together and show your children real life examples of maths at work. 

With young children, this can mean helping them calculate how much they will have left after spending some of their money. For older children, you might increase their pocket money in line with inflation or by a percentage.

Cons of pocket money

While there are numerous benefits of pocket money, there are significant disadvantages that should be considered.

1. It can be hard to spare the cash

If you’re strapped for cash at the moment, you might struggle to fit pocket money into your household budget.  You might also think twice about giving your kids money if you think they will just fritter it away.

If you don’t have much money to spare, don’t feel pressured to give your kids a large amount. Even a pound or two a week can give young children the feeling of independence.

2. Some children might waste their pocket money

Without the right advice about money, some children may spend it as soon as they get it, rather than saving. They might also spend it on the ‘wrong’ things.

“There’s potential for teenagers to spend their pocket money on unhealthy or risky purchases – think alcohol, cigarettes or excessive amounts of junk food. A good way to manage this is to open up an app or account such as GoHenry, Natwest Rooster or Revolut, rather than giving them cash,” says a MoneyExpert spokesperson, “This way, you’ll have a better idea of how their money is being spent, whilst still giving them the financial freedom they need to learn.”

3. Watch out for entitlement

If your child doesn’t have to work for their money, he or she might develop a sense of entitlement, rather than realising money has to be earned. This could be the case if you are particularly well-off or give your kids an above-average allowance. 

Goodto.com's Money Editor Sarah Handley says: "While your intentions may be generous, if you give your children too much pocket money it could harm their long-term relationship with money. They could be less motivated to earn their own money in the long run, or not fully grasp the idea and sense of achievement of saving up for a bigger purchase."

4. Money can provoke jealousy

Most parents increase the amount of pocket money they give their child as they get older. But this means older siblings get more than younger children – which can cause tensions. 

Jealousy around money can be even more tricky outside of your family. Can your child cope with having more or less money than their friends? If this is of concern, it could be helpful to ask around to find out the going rate for pocket money in your child’s class.

Should children have to earn their pocket money?

According to a study by Halifax , more than four in 10 (44%) parents think children should only get pocket money if they do chores. But, perhaps unsurprisingly, more than half of children (55%) feel they should be given money, regardless of whether they do anything to earn it. 

“Some parents believe that chores are a natural part of family life, and children should contribute to the household without monetary incentives. Others think that paying children for doing chores teaches them the importance of hard work and responsibility,” says Claire at Mint Coaching. 

“In our family, we have chosen not to link pocket money to chores, as we believe helping round the home is a responsibility for the whole family. However, we might choose to pay our children if they are doing a ‘job’, that is outside of what we consider to be regular chores, such as cleaning the car.” 

Emma Lunn is a multi-award-winning journalist who specialises in personal finance and consumer issues. With more than 18 years of experience in personal finance, Emma has covered topics including all aspects of energy - from the energy price cap to prepayment meter tricks, as well as mortgages, banking, debt, budgeting, broadband, pensions and investments. Emma’s one of the most prolific freelance personal finance journalists with a back catalogue of work in newspapers such as The Guardian, The Independent, The Daily Telegraph, the Mail on Sunday and the Mirror.

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Essay On Pocket Money

• Post category: Essay
• Reading time: 6 mins read

Set 1: Essay On Pocket Money

Pocket money is a small amount of money that young children spend on the required things. Such money can be spent on what they like without giving the account to their elders. Generally, as far as teenagers are concerned, pocket money is given by their parents to help them pay independently for their requirements. However, the amount of pocket money depends on what one needs to pay for. It also depends on how much the parents can afford. Such kind of money may be given on a weekly, fortnightly or monthly basis.

Within the limits, children can always ask their parents for some money. Parents believe that their children have very few needs, other than food they have to buy from the school canteen. However, when teenagers go out with their friends they have more things to pay for like snacks, entertainment such as cinema tickets, purchasing or hiring audio or video CDs, books, magazines, etc. Other items they need to pay for may include recharge in their mobile phones, travel expenses, gifting friends on their birthday, etc.

Some youngsters may help their parents with household tasks to support their pocket money. However, up to some extent it is not sensible to attach an economic value to the household tasks. Some children find it as a fun to earn their own money whatever the amount is. They constantly look for different ways to earn extra pocket money.

There are several ways of earning pocket money. Some of them may help their neighbours or old people in the neighborhood. Helping them in weekly shopping is another way of earning some pocket money. With the permission of parents, one can also do some cutting of the grass for the neighbour or looking after their home when they are away. Teaching other students is a good way of supplementing our pocket money. These are some of the sensible ways of earning some extra pocket money.

Allowing children to earn, save and spend pocket money benefits both parents as well as the children. Pocket money helps to recognize the value of money in early years of life. They learn to be independent and may appreciate their parents as the breadwinners. They also learn the importance of being responsible for what they do, either at school or at part-time work.

Whether parents should allow teenagers to earn pocket money depends on the family conditions. However, at times, pocket money can prove to be a nuisance because no matter how much they get, sometimes it never seems enough.

Set 2: Essay On Pocket Money

Every student in school and college is provided with some pocket money to meet his small expenses. I am provided the pocket money by my elder brother. Though the amount is meager it helps me very often to buy something of great use.

The pocket money provided by my brother is only five rupees out of which I spend two rupees towards my Tiffin. With the remaining three rupees I spend according to my own sweet will either in visiting a a movie e of my great importance or on an outing or in visiting places of historical or cultural importance.

I do not make careless use of the pocket money given to y own way me to spend it in my own way. I save money out of my pocket expenses prudently after meeting my normal needs. I have cultivated this habit of saving from an early age. I do not make willful waste that brings woeful wants to men. I do not save money as a miser but save for future use.

Since I am not aware of the problems of the future I save money for the days of woes. I deposit the excess money in the passbook maintained in a bank. I spend the money in purchasing good books, dictionary and pen for my use. I derive great pleasure out of my pocket money. The money gives me the opportunity of doing something good to society in which I live.

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The importance of giving pocket money to children

This article considers the benefits of giving pocket money to children, and some methods for teaching them to make wise money choices later in life.

9 October 2022 · Fiona Zerbst

The use of pocket money

Children may view pocket money as a gift rather than something earned, and many parents attach no conditions to receiving an allowance. However, pocket money is an essential first step in teaching children to manage money, and correctly value their finances.

We consider the benefits of giving pocket money to children, and some methods for teaching them to make wise money choices later in life.

Tip: Teach your children about delayed gratification by means of an investment product such as unit trusts. Learn more now.

Why teach children about money? 

Although children may think about much less weighty matters, learning about money management has significant advantages, says John Manyike, head of financial education at Old Mutual.

Because many parents have not been educated themselves about money, Manyike asserts, few children are fortunate enough to have been taught these skills.

“Financial education was not traditionally in the school curriculum, and money was frequently a taboo subject at home,” he says.

“There has been some improvement over the past couple of decades. However, we remain a credit-hungry, over-indebted society because managing money has largely been about trial and error.”

Gareth Collier, a certified financial planner and director of Crue Invest, says childhood lessons are critical for forming responsible adult financial behaviour.

“We are constantly bombarded with advertisements,” Collier says. “If kids don’t understand the consequences of spending all their money on the first thing they see, and thus being denied something else they may want, they will have trouble making wise decisions later on in life,” he cautions.

“It’s good to stand back and let your children struggle a bit. It’s hard to watch, but it’s important.”

Pocket money provides valuable lessons

Collier says giving children pocket money is a tried and tested technique that works well - provided it is done with intention.

“Teaching children about money is often about teaching delayed gratification. When too much comes too easily and quickly, children will expect the same of the wider world when they grow up.”

Manyike agrees. “If you’re just handing out R100 on a Friday, and it’s all gone on Saturday, you’re not doing your child any favours,” he says.

“Rather guide your child in a discussion about spending decisions. You may want this, but what else could you get? What will it take to get that item, which costs more than R100? How long would you need to save for it?”

Finally, Manyike says giving a child money to buy small things, such as sweets or ice cream, teaches them nothing unless they learn that money can be scarce.

“One of my favourite examples is comparing money to a small blanket. You must decide whether to cover your head or your legs - you can’t cover both. The lesson is that you must sacrifice something to get something,” he says.

Assigning chores in exchange for pocket money can illustrate this point. “Not everything a child does in the house has to be paid for, but you can identify chores that will reap rewards.”

Teach broader financial concepts

Money can be used to teach broader concepts, but in a practical rather than an abstract way, notes Manyike.

“You don’t have to spend money just because it is there. Calculate how much you spend on your child’s takeaway lunch and show them how much the family can save by packing a lunchbox every day.

“If you spend R25 daily, that’s R500 a month and R6,000 a year. Over 20 years, that amounts to R120,000.”

Manyike says parents should not underestimate the relationship between money management and mathematical literacy. “When children learn to divide and multiply, you can show them how this works with money.”

Collier says giving children pocket money provides an opportunity to share financial knowledge – but parents should be clear on concepts and principles.

Set clear ground rules in the home 

As all families are different, you will need to decide what works for your family, and how much money you can afford to give a child. Having set out an amount, it’s important to follow through with your promises.

“Make your expectations clear and stick to them,” says Collier. “Some people expect their children to buy their personal toiletries out of their allowance, while others are happy to let their children spend the money on whatever they want.

“Discuss ground rules,” Collier continues. “If your children would rather forego brushing their teeth than buying toothpaste, rethink your approach. If they’re talented artists, let them budget for art supplies, as this can also teach them a valuable lesson.

Collier says different families have different money philosophies and approaches.

“Some children learn early on about their parents’ bond repayments, the cost of groceries, and how much tax the family pays. Some parents believe children should be shielded from these realities. However, as a parent, it is your responsibility to prepare your children for life in a sometimes-challenging world.”

Manyike says consistency is key. “Children observe and learn your behaviour, so don’t tell them to save if you’re splashing out,” he warns.

Collier agrees. “You can’t teach your children discipline if you’re not disciplined yourself.”

Tip: Did you know you can take out a retirement annuity for a child , which is the ultimate saving vehicle? Find out more.

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The pros and cons of pocket money

22nd September 2020

by: Team Starling

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This week, Money Explained tackles the topic of pocket money, exploring the benefits and possible pitfalls. Our series looks at the money basics for everyone in the household, breaking it down into bitesize chunks.

Giving your children pocket money can be a great way to get them thinking about finances from an early age.

There are two general ways people give pocket money - either a regular allowance that is agreed upon and given each week no matter what, or money that’s conditional on the child doing certain jobs around the house like helping with the washing-up, hoovering, dusting the living room or a spot of gardening.

Pros and cons of pocket money

Many adults say that as kids get older and more independent, the act of giving pocket money can be a real conversation starter that can lead to lots of enlightening conversations. Other benefits of giving your kids pocket money include:

• Learning the value of money - by having their own cash, they can begin to see how much things are worth, and can decide whether to spend or save it.
• Allowing them to develop a healthy relationship with money – this is an important life skill.
• Helping to build their independence – by giving them some responsibility for their money.
• Discovering that money is something you work for - assuming they earn it by doing chores.
• Teaching that money you have can only be spent once - for example, if your child buys a new video game today, they won’t then be able to buy lego next week with the same money. Once you spend the money, it’s gone. This can help to start learning on how to budget and how to choose between buying different things.

Research has shown that money habits form early, as young as seven, and giving pocket money can really help to boost your child’s understanding of how money works .

It’s worth being aware of some possible negatives to giving pocket money as well:

• Your child could start to expect money for nothing - if you don’t peg their pocket money to work or tasks accomplished.
• It can create envy - if your child earns more or less than their friends.

Ways of giving pocket money

One option is to give your children cash for their pocket money, which you can then encourage them to look after and keep safe.

However, you might not always want to give them cash at all, especially with the current concerns around physical contact.

An alternative to cash is to make use of Starling Kite , a debit card for young people aged 6 - 15. It’s like a bank account, but as the adult, you get better control and visibility. Starling Kite is managed through our app, and you can load on pocket money in an instant. As the adult, you can also check and control specific activities such as cash withdrawals or online payments, and set daily spend limits. A Kite card comes ready blocked for merchants that aren’t age appropriate, including pubs and betting agents. Real-time notifications let you know exactly how they are spending.

Another useful thing about the Starling Kite option is the security. With Kite, if there’s ever a scare about the card being lost or stolen, you can lock / unlock the card with just a tap, in the app.

How much pocket money should I give?

This is a big question that we’ll look at in a future Money Explained article - ultimately it will come down to how much you can afford and how much you think your child should get, but we’ll explore factors you can use to help you decide.

You could also ask friends how much they give their kids, and encourage your children to chat to their friends about how much they’ve been able to save. Talking openly about money isn’t something that comes naturally to some people, but it’s really helpful for your children to learn that money isn’t a taboo topic.

Read the other articles in our Money Explained series :

Sharing and giving

Saving up for something special

Money: Needs vs wants

Teaching kids how to stay safe with money

How children learn about money

Different ways to pay

Find out more about Starling Kite

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What Are the Benefits of Pocket Money? And How Much Should You Give?

Pocket money has a wealth of benefits for both the child and the family. In fact, kids who get pocket money are more likely to develop strong financial planning skills, and are less likely to get in debt as adults.

Read on to find out more about the benefits of pocket money and how much you should give.

Pocket Money – The Benefits

There are a wide range of benefits to giving pocket money:-

• Financial Planning: Since 2014, financial literacy features on the UK National Curriculum. Pocket money reinforces this – teaching children the benefits of saving, careful spending, and money management.

• Lower Risk of Adult Debt: According to the ING survey of 12,000 parents across Europe, giving children pocket money reduces the risk of them getting in to debt as adults. Pocket money is the building block for adult self-sufficiency.

• Make a Future Saver: Learning young, through pocket money, encourages a lifetime of saving where delayed gratification is appreciated.

• The Value of Money: It’s a tricky concept for kids to grasp, but one they need to understand. To them they literally see cash come out of a hole-in-the-wall. Pocket money, especially if earned through chores, enables them to learn what money is actually worth, and its value. They learn to prioritise wants and needs.

• A Sense of Purpose and Achievement: By gradually saving some of their pocket money towards a goal, children develop a sense of purpose and pride in their achievement. They also learn to value possessions more, when they have had a hand in paying for them.

• It Limits the Pester-Power: Marketers know all about it, and any parent standing at the checkout of a supermarket does too - kids have pester-power! However, when it’s their money they are spending, they suddenly become more savvy spenders. You’re not stuck buying the fiftieth packet of trading cards because they just have to have ultra-rare Number 24.

• It Teaches the Value of Hard Work: When children can earn pocket money in exchange for jobs they realise the intrinsic value of hard-work.

Are There Disadvantages of Pocket Money?

In the main, pocket money is beneficial. There are a few disadvantages, but with careful management, these can in fact become learning opportunities in themselves.

• The Frivolous Spender: By handing over control of some pocket money to your child you may discover they repeatedly ‘blow’ the money on frivolous spends. Try to stand back a little and allow this to happen. It’s learning through mistakes. By spending frivolously, they will learn the hard lesson that they never achieve their saving goal, and run out of money fast. If you’ve still got a frivolous spender on your hands, it might be time to start laying down some pocket money rules such as save half, spend half.

• They Compare Themselves to Friends: There’s always going to be peer pressure, and it can be hard if you are unable to give your young one the same as their friends. However, don’t panic. Firstly, chances are there is some playground exaggeration going on. Secondly, remember that having a restricted budget is a good thing for learning financial planning.

• Money Becomes a Sign of Love: Some children, and parents, can get in a situation whereby the giving of cash becomes equated with love. For this reason, it’s sensible to set a weekly or monthly amount which doesn’t vary greatly. This doesn’t mean that they shouldn’t be expected to contribute if they have wilfully damaged something, but it separates money from affection.

How Much Pocket Money?

How much pocket money you give, and what you expect it to be spent on, will vary according to age (as well as from family to family). As a nation, we tend to give generously to our younger children, and less generously to older kids and teens, proportionally compared to other European countries.

The amount you choose to give should take in to consideration what you expect your child to pay for. A young child who will only be expected to pay for sweets, playground fads, and small toys, won’t need as much as a teen who is expected to cover their phone bill and trips with friends.

The folks at RoosterMoney surveyed their users and found that on average a 4 year old will get £3.21 per week, compared to a 14 year old who can expect around £11.64 per week.

To find out the pocket money average by age in the UK, click here .

How to Give?

Once parents have decided how much pocket money to give, they then need to consider how they will pay it. Will you give it regardless on a regular basis, or do chores need to be performed first? Many families find it good to strike a balance, with a set amount given regularly, and the opportunity to earn more through chores.

Then you need to decide whether you’re handing over hard cash, or providing pocket money in a different way. The benefits of cash are that the child learns the actual value of notes and coins, and has a tangible way of spending money. However, if the child is saving, this isn’t necessarily the most appropriate vessel. Similarly, piggy banks are vulnerable to parents running an IOU for car park coins, ice cream van arrivals, and other cheeky thefts!

It is also difficult to set up appropriate bank accounts for children for pocket money which they need access to. Savings accounts are, of course, an option, and can teach reading bank statements, but they don’t provide the pot in the way that many need for pocket money.

Bridging this gap are various technological tools to help parents. For example, you may choose to use a pocket money tracker app such as Rooster , which also allows children to track their spending and savings goals. Or you may choose to set up accounts such as GoHenry  which provide your child with an actual debit card for spending.

No matter how you pay it, or the amount, don’t forget to use the act of giving to teach children how to make lists of priorities and savings goals.

Big Spenders, Little Spenders

Pocket money is a vital part of childhood, and can be a valuable tool for teaching money management and independence. By starting young, your child has the chance to make the mistakes when you’re looking at pennies, rather than pounds.

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Giving children and adolescents pocket money is common throughout the world. Do the advantages of this practice outweigh the disadvantages?

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Band 6+: Giving children and adolescents pocket money is common throughout the world. Do the advantages of this practice outweigh the disadvantages?

Giving juveniles and youngsters allowance is increasingly popular all over the world. Although this trend breeds a problematic issue, I believe that this is quite negligible compared to the benefits of financial advancement.

Concerning the challenge, there is a worrying aspect of this practice. Giving some amount of money to youngsters can sometimes urge them to spend their money on unnecessary things. Take game clubs, as an example. The reason for this is that many boys and girls don’t value the money of other people including, their parents because youngsters do not work and earn salary. As a consequence, a child who is accustomed to receiving consistent financial rewards on an unqualified basis cannot manage to allocate money on useful things. But if they do not get obsessed with wasting, they might have a higher tendency to invest their money in good things

However, the above drawback is outweighed by the benefits including enhancement of the skills of making decisions because of experiencing the consequences of choices such as,buying studying tools or even the food they have for lunch. Eventually, they will know how to buy things at a good price and will know the ways of not going bankrupt in the long term when they run a business. In contrast, if children are illiterate about finance, they will not know about making more money and conducting a business without any financial burden , which end up in a little income and bankrupt.

Furthermore, besides an enhancement of decision-making skills, providing a child with allowance can be a core factor to breed some better money habits.The reason for this is that It offers practical, hands-on experiences with money management.For instance, saving money for more necessary purposes and donating some portion to charities create an opportunity for juveniles to learn to prioritize needs over wants and set financial goals and help disabled patients gain better health and funding for the medical service.

In conclusion, giving children allowance has brought the disadvantage of squandering finances;however, the advantages such as, fostering decision-making skills and implementation of useful and practical money habits can undoubtedly surpass the disadvantage aforementioned above.

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Generate a band-9 sample with your idea, overall band score, task response, coherence & cohesion, lexical resource, grammatical range & accuracy, essays on the same topic:, giving children and adolescents pocket money is common throughout the world. do the advantages of this practice outweigh the disadvantages.

Giving juveniles and youngsters allowance is increasingly popular all over the world. Although this trend breeds a problematic issue, I believe that this is quite negligible compared to the benefits of financial advancement. Concerning the challenge, there is a worrying aspect of this practice. Giving some amount of money to youngsters can sometimes urge them […]

Financial provision of younger generation by their respondents is widespread all over the world. Although, there are some drawbacks in this trend, I would argue that its benefits, such as financial maturation, far outweigh its disadvantages. To begin with the advantages of giving youngs pocket money, the best one of them is improvement of knowledge […]

To provide children with allowance is very popular among their parents and custodies almost in every part of the world. And they give money to children in different purposes. I believe those benefits of this practice outweigh the drawbacks. To begin with, there are several drawbacks of giving money to young generation, to both parents […]

It is undeniable that the practice of giving children and adolescents pocket money has become prevalent worldwide. It is arguable that the disadvantages of this practice outweigh the advantages. On the positive side, providing young individuals with pocket money can enhance their financial management skills. Regularly receiving money from parents and relatives can impart valuable […]

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Pocket Money, Complete English Essay, Paragraph, Speech for Class 9, 10, 12 and Graduate Students Exam.

Pocket Money

Pocket money is what parents give to their children to spend. A child can spend his pocket money as he or she likes. Sometimes parents guide a child as to how to spend it wisely. Poor parents may not give pocket money to their children regularly. But they do give as often as they can afford. They give it, especially at festivals and fairs. My parents allow me a good amount of pocket money. It is not fixed. It varies from month to month. My father is a businessman. Whenever he is in a jolly mood because of good business, he gives me a fat purse as my pocket money. I do not spend all my pocket money. I save a part of it and deposit it in my bank account. I have opened a Savings Bank account in a nearby bank. I buy books on chess as it is my hobby. I have a good collection of books on the subject. Once in a while, I go to see a dance recital or a stage play with my friends. I also spend some of my pocket money on sweets and ice-creams. Once I helped Ravi to pay his school fee out of my pocket money. His father was away on a tour and he did not have sufficient money. He felt so obliged. After his father’s return, he soon gave me my money back. Last year I gave my mummy a pleasant surprise by presenting her with a beautiful watch on her marriage anniversary. I had bought it from the savings of my pocket money. I often buy things for my little sister out of it. She feels so delighted whenever I surprise her with sweets, a pencil box, and a fancy dress. My pocket money has helped me to learn how to spend wisely and save simultaneously. It is easy to spend, but to spend wisely is a bit difficult. But to save money is more difficult.

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Pocket Money, Should Parents develop this habit at the tender age?

There are broadly two schools of thought when it comes to parents or relatives giving pocket money to children starting from a tender age. One group thinks that giving pocket money at a tender age may spoil the children as they are not mature enough to manage their own money. The other school believes that children ought to be given pocket money from a tender age because this act will make the children inculcate certain important values and make them gain knowledge of money management which will come in handy when the children grow up. While the first school of thought does not place trust in their children or wards, the latter not only trust their children but also trust their own ability to monitor the children's expenses and intervene if required.

The practice of how to give and maintain pocket money is very well described in a popular novel, Kane and Abel, authored by Jeffrey Archer. When Kane is 8 years old, his grandmothers agree that the time is ripe for the little boy to learn the value of money. As a birthday gift they start giving him pocket money - a dollar per week. One of his grandmothers buys him a ledger for 95 cents and deducts this from his first week's allowance and gives him 5 cents. After every 3 months the ledger is inspected and Kane is asked to produce a report on unusual transactions. Kane's grandmothers lay down broad guidelines for the boy - like investing 50% of his pocket money, spending 20% on himself, keeping aside 10% for charity and treat as savings the remaining amount. This habit is inculcated in Kane from the tender age of 8 and he grows up to be one of the richest young men in America. The above example may be fictitious but it surely emphasizes the benefits of inculcating the habit of money management in children.

Moreover, values like frugality, thoughtfulness, rational thinking are inculcated outside the home. When children manage pocket money, these values will be enhanced. It will also give them wisdom, something that comes only with experience. Great kings like Babur and Akbar not only managed finances but entire territories since a young age on their own with a little supervision from their parents, guardians and teachers. Asoka before becoming a young king of Magadha, was the Viceroy of Ujjain and Takshashila.

We see people managing money in different ways. One set of people tends to spend money as soon as they receive their salary on luxuries or household necessities. The other set of people are the ones who invest a part of their income as soon as they receive it and decide how much they are going to spend that month, leaving the remainder of their income for savings and charity. The latter is always the best way to manage money.

Also, the number of working women in India has roughly doubled in the past 15 years. In many households in urban India, both the parents have to manage home and office. Making children self sufficient is a win-win strategy for everyone in the family. Some competencies of children which otherwise remain hidden from parents will come into light when children manage their pocket money themselves. Years of managing his/her pocket money, making small mistakes and knowing the importance of investment and savings will eventually improve the child's knowledge about various financial instruments available. This will improve the India's savings ratio which has dipped to 30% now. Also, to correct children's behavior, reducing the flow of pocket money is a subtler way to modify child behavior while also sending a stern message that certain actions will not be tolerated.

Pocket money can teach children the effects of inflation, the importance of investments, the wisdom in savings and the satisfaction of managing money well. In the modern era, in a globalized world, there is a strong need for the younger generations to learn things faster, to be more sustainable and frugal than earlier generations. The act of giving small amounts of pocket money at regular intervals, adjusted for inflation on a yearly basis will go a long way in achieving the above mentioned ends.

The famous artist Gertrude Stein quoted, "Money is always there but the pockets change; it is not in the same pockets after a change and that is all there is to say about money." The sooner the children of the current and next generations understand this idea, the more frugal they will become. This will lead to a more sustainable and frugal world - a wish of the Father of our nation, Mahatma Gandhi.

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