Pocket Money - Can Too Much be Harmful

There is no right or wrong answer to this. How much you are prepared to give depends entirely on what you believe is fair, what you want your child to get out of it, and how much you can afford. According to Halifax’s 2009 statistics children received an average of £6.24 per week, a slight rise on the 2008 amount of £6.13. Children in London also fared much better than other areas, with averages above £10, while children in the South West and East Anglia received £4.50 and £4.91 respectively. Research also showed that a child`s age played a big part in how much parents were willing to give, with 8 to 11 year-olds getting an average of £4.80 per week whilst 12 to 15 year-olds received a whopping £7.44. When it comes to deciding on pocket money for your child, start by considering what you think is appropriate for their age. Using the above figures as a guide, a couple of pounds a week would be quite reasonable if your child is under eight years old. If you share custody of your child, speak with the other parent to come up with a figure you both think is fair – you might choose to each pay half of the amount. Also, think about what else you give your child. If you are happy to buy the majority of things they want or need, you might not want to give them too much pocket money as well. It could also be handy to have a chat with other parents, particularly those of your child’s friends, about how much they give their children. But whatever you do, don’t get sucked into competing with them! Research from Child Trust Fund provider The Children`s Mutual has shown that 16% of parents feel like they are paying too much pocket money, but are pressured into keeping up with what other parents are giving. Only you can know what best suits your child (and your pocket!), so never worry about “keeping up with the Joneses.” Once you’ve decided an appropriate amount, sit down with your child and discuss it with them. You might like to make an agreement that they will get a ‘pay