Parenting - values | 3-12 yrs

Pocket Money And Children


Pocket money is a small amount of money given to a child by its parents, typically on a regular basis. Like the two sides of a coin, it has both pros and cons. As a proverb goes, an empty pocket teaches you a million things in life, but a full pocket spoils you in a million ways. The number of parents giving pocket money to children has risen several folds in the past two decades. In fact, it is better to provide pocket money than just to make them understand the importance of saving money and managing expenses.

“The lack of money is the root of all evil,” said Mark Twain. As parents, it is mandatory for the good of your child to always give a limited amount of money and, to ask them to maintain an account of the money spent. The balance between the money given, saved and spent with proper records will help your child learn a lot about money management.

“Giving your children an allowance teaches them how to manage money, and this will come in handy throughout their lives. Even if your kids make a bad decision, they will learn in a safe environment, as the sum involved is little. Your kids will learn budgeting, saving and spending. They will learn to look after their money. The advantages of giving your child an allowance are tremendous, so don't slack off,” reads on excerpt from the article ‘Pocket money’ published in India Parenting.

For a detailed analysis on pocket money and various aspects related to it, flip through the ClipBook.


Should Children Get Pocket Money?

Having spoken to lots of parents over the last few years, we have been able to collect plenty of wisdom on why making the decision to give pocket money is a good thing, and how it can help your children in the future. So here are our top tips!

Pocket Money Boosts Money Management Skills In Adulthood

Children who receive pocket money are more likely to develop strong financial planning skills in later life and are much less likely to be in debt, according to a pan-European study of more than 12,000 consumers across Europe.

5 Reasons Your Child Should Get Pocket Money

Many parents have different opinions when it comes to giving their children pocket change. For those of you who need a little convincing and are still unsure about giving out cash, here are some reasons why giving your child pocket change can be a...

Pocket Money For Children: The Advantages And Disadvantages

Are you intending to start giving money to your kids? Well before actually going for it, read the article and think twice. Learn about the drawbacks and benefits of giving pocket money to little ones.

What You Need To Know About Giving Your Kids Pocket Money

Getting acquainted with money begins at home and should start at an early age. The very first step towards successfully teaching kids to manage finances is to begin giving them pocket money. Pocket money helps your kids to manage their finances.

Pocket Money: When And How Much?

Pocket money is one of the first ways children can learn the basics of managing money. But how much pocket money you give, when you give it, and whether you give it at all depend on your family circumstances and values...

A Parent's Guide To Pocket Money

There is no right or wrong time to introduce pocket money. This very much depends on your family, the motivation behind it and how ready and able your children are to learn about and understand the value of money.

Pocket Money: Tips For Parents

When does a few coins for treats become regular pocket money? And how old should your child be before you starting giving it? Here are a few tips.

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