Why Pocket Money Should Not Be Given?

What age should you stop giving pocket money?

But some parents are trying to encourage financial independence by cutting the apron strings much earlier: 24% stop pocket money when their child reaches 16, 19% wait until they are 18, and 28% stop when they get a part-time job..

Why is pocket money important?

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. … 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.

How do you manage pocket money?

How to manage your pocket moneySpend carefully. Do not be tempted to spend on stationery too often. … Do not blow it up. Always share the restaurant bills while you go out with friends. … Make a note of spendings. Jot down where and when and how much you have spent so far. … Save a bit for the next month.

Why is it called pocket money?

Before the advent of pockets in shirts and trousers, money was kept in bags and sachets. Later, a smart tailor made a pocket on a garment and it became so useful, further innovations made a pocket suitable to safely keep money. From then on, money kept in pockets for expenses came to known as pocket money.

How much pocket money should a 12 year old get?

Pocket money by ageAgeAverage pocket money12 years old£6.60 per week13 years old£6.68 per week14 years old£7.61 per week15 years old£8.38 per week5 more rows•Aug 17, 2011

Should we give pocket money or not?

Giving pocket money to children as young as four or five years helps them start learning about the value of money and money management. … If they’re saving, they’ll learn about waiting for things they want. Pocket money can also help children learn about the consequences of losing money.

Why is pocket money bad?

Disadvantages of pocket money You may find that it is difficult to administer as coins and notes. We know many parents struggle to find the right amount of cash at the right time. Chores go unrewarded, lessons can be lost. Perhaps a more significant problem of using cash for pocket money is that cash is on the way out.

Should pocket money be earned?

Pocket money payments should begin at about 6, but kids have to earn it. Children should do some chores for nothing as part of the family like making the bed and tidying their room. … If they don’t do the extra jobs, they don’t get paid and they don’t get the extra treats, which the pocket money buys.