Ask our experts: how much pocket money?

Getting your kids to start understanding about money is an important step, but how much is appropriate these days? In this extract from our archives, parenting expert and child psychologist Dr Pat Spungin, CEO of Raisingkids.co.uk, advises.

Raisingkids member's problem

How much pocket money do I give my children, who are 11 and 5 years old?

Dr Spungin's advice

It all depends on what your kids want to spend their pocket money on! Obviously, your older child will have different needs to your little one but take the time to discuss with them the things that they 'need' rather than 'want' - and the differences between the two. Aside from traditional pocket money gobblers like sweets and Pokemon cards, are your children (especially your eldest) expected to use the money for Christmas and birthday presents? Do you expect them to save? Has your eldest got a mobile phone, and if so, who pays for that? All of these considerations affect the final sum.

Ask around - how much pocket money do friends' children get? How much are your children's classmates given? The UK average weekly pocket money is £1.38 for 5-7 yr-olds, £2.16 at 8-10, £3.74 at 11-to-13, and £5.66 for 14-to-16 yr-olds.

Once you've decided how much, discuss saving and budgeting. Again, this is more relevant for your eldest but even your five year-old will be able to grasp the idea of putting away 50p a week towards a new toy. If you haven't already done so, open bank accounts for them both.

Related articles:

• Ask our parenting expert: more answers
• Teaching your children the value of money