Not only will this teach them how to put money away, it will also help them understand the reward that comes at the end of saving, when they're able to afford a 'bigger ticket' item. Obviously you want your children to use the pocket money to get a little independence, but make sure they get used to saving a portion of it every time. What should kids do with their pocket money? It’s important to bear in mind that you also don’t want to foster a mindset in your child that they should be paid for everything they do around the house. These situations can be a win-win, as children can better appreciate the value of money while you get some help and also incentivise good behaviours.

Getting good marks at school and completing homework.

This can help children understand that money needs to be earned. The survey also showed that the most popular way to give children pocket money is in return for doing certain tasks. You want to pick a number that works for you given your family’s situation, ideally an amount that doesn’t impact your own finances but gives your children the chance to develop their own financial skills. There’s no right or wrong when it comes to choosing an amount. At 10-12 years, the average increases to $11.37, and from 13-15 it goes up again to $14.11.

A survey by CommBank found that almost 80 per cent of parents in Australia give their children pocket money.įor kids aged between 4-6 years, the average amount per week is $7.17, while in the 7-9 years age bracket it drops slightly to $7.04.

Pocket of money