Children always look forward to the day when they finally get their own pocket money. Money is important for children's development. They learn how to use it properly best when they have a certain amount of money at their disposal.
Through pocket money, children learn how to handle money properly
In this way, they learn what it means to divide up existing money, to forgo things, to fulfill small wishes and to save in the long term in order to make larger purchases.
If they spend the money intended for a week in just one day, for example on sweets, magazines or other things, they usually do not receive any more pocket money from their parents.
For them, the topic of pocket money means remaining consistent and not getting involved in possible discussions.
The following article offers a little help on how much pocket money parents should give their children.
The amount of pocket money always depends on the financial possibilities of the parents and the age of the children.
How much money should children get at what age?
To ensure that children learn to handle money responsibly at an early age, parents should start giving pocket money at the latest when they are in primary school. A child who learns to manage money in a playful way now will have no problems with it later on.
All information is to be understood as indicative values only – recommended payout options:
Pocket money per week
- Age 6 to 7: €1,50 – €2,00
- Age 8 to 9: €2,00 – €3,00
Pocket money per month
- Age 10 to 11: €12,00 – €15,00
- Age 12 to 13: €16,00 – €18,00
- Age 14 to 15: €20,00 – €25,00
- Age 16 to 17: €30,00 – €40,00
- From the age of 18: €60,00 – €70,00 (if there is no income of your own)
It is also possible to give a four-year-old a few cents as pocket money. This means that he can, for example, proudly buy a lollipop at the supermarket checkout that he has practically paid for himself.
What do children have to pay with their pocket money?
A child should be allowed to decide for themselves what to buy with their pocket money. This includes fun or luxury items such as magazines, CDs, books, pens, toys, sweets or costume jewelry.
Regular pocket money should not be used for necessary and specific items such as school supplies, lunch money, travel tickets or meals. For more expensive items, such as a trip to the cinema, parents can make an exception once a month and sponsor this additionally.
The situation is different when it comes to smartphone costs, because although a smartphone is somewhat a given, it is still a luxury item. Therefore, these should be paid for with the child's pocket money, ideally using a prepaid card with a set balance.
Older children aged 12 and over can receive a one-off additional budget of up to 50 euros per month for clothes, bags, cell phones or cosmetics. This depends on the family's financial situation. If the young people are planning special purchases, they must save up accordingly.
Part-time job: Top up your pocket money
In general, it is better to give extra money only in return for something that is worth doing. This way, children will see it as a real reward. Children, both young and old, should learn that they can increase their pocket money by completing tasks and doing small favors.
This does not include helping out around the house, for which there is usually no pay. And parents should not pay extra for good grades or good behavior. The only exception is the well-known report card money that children often receive at the end of a school year for good grades.
Children aged 12 and over can easily earn some extra money, for example by washing cars, delivering newspapers, walking dogs, babysitting, mowing the neighbours' lawn or giving tutoring lessons. Important: Topping up pocket money must not lead to a reduction in regular pocket money. Otherwise, earning extra money and improving one's own financial situation through personal achievement and commitment loses its appeal for children and young people.
Method of payment and correct handling of money
If parents have decided to give their child pocket money, they should do so regularly and on agreed days. After all, parents are role models. Depending on the child's age, the money is given in cash or transferred. This teaches the child to plan with the money. The amount of pocket money should never be increased or decreased as a reward or punishment.
It is also important to communicate the topic of money openly within the family
This is especially true when money is scarce due to high taxes, unemployment or existing loans. Children must learn that money is primarily intended for living expenses: rent, electricity, water, telephone and food. Poverty is not a disgrace.
Parents should teach their children that success, joy, happiness, love and satisfaction do not depend on purchased consumer goods, material possessions or the immediate fulfillment of big and small dreams.
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