‘How should I give my children pocket money?’ is one of the most common questions asked at parenting seminars. ‘Should kids receive pocket money when they complete jobs and should they lose it if they are poorly behaved?’ are also common queries.
Giving pocket money is an excellent way to develop independence in children and young people. Children should receive their small share of the family wealth, just as they should share the workload at home. For this reason I prefer not to link pocket money to chores or behaviour. This is not to say that the family income should be divided equally between all members. Rather, children are given a realistic sum of money that accounts for their age, needs and ability to deal with it.
Here are five ideas to help you use pocket money to develop independence and a sense of generosity in your children:
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