13 Replies
We think pocket money is a great way of educating our child about the value of money - but also realise that the age (and conditions of payment) will vary depending on a particular family's circumstances, so there's no right or wrong answer. We started at him at 4 (when he could count, add and subtract) - we actually bought him a change sorting moneybox first - he enjoys watching the coins get sorted (although doesn't understand what it's truly for yet). Over time we will help educate him about saving vs spending.
I started giving pocket money to my older one when she turned 7. I felt that was the time when she actually started understanding the value of money and was becoming more responsible in handling it. Of course it was not a big amount and she gets it every Sunday. It has helped her learn the concept of saving and made her more responsible too.
I think once your child goes off to attend an educational institution that takes up the whole day like primary school, it is okay to give them pocket money. By then they will be familiar with the concept of money and savings. They can practise this newfound knowledge buying food from the canteen or stuff from the school bookstore.
I started giving my child pocket money when she was about 8, first to let her buy canteen food from school once a week. Later on, she started saving up for items she wanted to buy from outside. This has helped her prioritize and understand the value of things.
From P1, $2 a day till now P5, $3 a day. On days with extra classes / CCAs, we give our daughter $5 (for recess, snack breaks and lunch). We encourage her to record her spending and saving in her school diary.
i am planning to start my child on pocket money when she turns 6. i feel by then she will understand the meaning of money and also be smart enough to handle it carefully.
my child is going to turn 4 and i am planning to start giving her a tiny amount of money from when she turns 5.
Primary 1 but will start exploring them to the importance earlier
I started giving pocket money to my son when he started P1
When they enter P1 ie 7 years old