First, there is no undeniable evidence that a child who receives a certain amount of pocket money each week or month is more fulfilled than another.
So the decision depends on your own conception of your children’s autonomy, your personal value system, your beliefs, and, of course, your financial means.
Some parents prefer not to offer a fixed amount but are more open to buying the game, t-shirt, or another fad that the child has at a given time. Some give him a small amount every now and then for no particular reason, while others give a larger amount on special occasions (Christmas, his birthday, etc.). Every family is different. But psychologists agree on one thing: it is necessary to talk about this aspect with your child, in a clear and open way, and clarify what exactly you expect from him.
Why do we give them pocket money?
Most parents say that they pay the child some kind of allowance, to get him used to some basic elements of money management (savings, choosing purchases, etc.). Thus, the young man can learn to save in order to buy what he has set his mind to. Or, if he wants to buy something and has nothing left, because he spent the pocket money before the deadline, he can learn to be more careful next time.
In addition, having a sum of pocket money gives the young person a certain autonomy and allows him to make decisions on his own. The parent can take the opportunity to help him differentiate real needs from his cravings or simple whims. Finally, talking to your child about the best ways to manage and spend money will certainly be beneficial for the future.
Pocket Money simply or in exchange for tasks? In general, it is not good to pay the child for completing his current tasks. It is natural for a 12-year-old to clean his room or help you with some household chores, wash the dishes or take out the trash.
Experts believe that the amount of pocket money you give her should not depend on the number of routine tasks she performs, nor should it be completely eliminated if she refuses to perform them. On the other hand, you could decide together an extra amount for certain particularly tedious tasks.
An important aspect: it is not beneficial to give money to our children in exchange for school results. They need to understand that it is good to study and do their homework, not that they need to study to earn more money. On the other hand, nothing prevents us from giving him a surprise gift (in money, if we want) when we are particularly proud of his results.
There is no single answer to this question. First of all, every family has a different financial situation and income. It is also necessary to take into account the needs of the young person. If, for example, the pocket money is only used for small occasional expenses, the child will not need a large amount. But if we want him to take care of some main meals, it is necessary to give him more money.
In a society that places so much value on money and material values, we are all judged through this prism. But more than having money to give the child, so that he is accepted in his circle of colleagues and friends, it is useful to teach him how to have principles, and real values and how to build his personality and character. These will help him in the future to be realistic and concrete, in all aspects of his life.
But it is important to talk to him about pocket money. You don’t have to be an expert in finance, start with very simple, everyday things. Explain to them that money is earned and must be spent carefully. That money doesn’t go to waste and that it doesn’t buy anything, anytime, anyway. That all important things are discussed in the family and decisions are made together. You will thus have a responsible child who will be able to put his life in order later when he becomes an adult because he will have this exercise.
