Pocket money has become an important passage in the empowerment of children. This instills in them different notions. It is a great mark of confidence and this sum can help them to feel “big”, to feel free in their decisions. This amount of money can help you grow.

Giving money for nothing is not new.

A little history

In the past, people’s outfits had no pockets, and money was kept in bags and sachets. The only ones with a pocket in their pants were the children. To transport their marbles, chalks, slingshots and other pocket knives. For shopping, it was more convenient to give the pennies to the child, who kept them in his pocket until the next store. It was not uncommon that one or two coins were “forgotten” at the bottom of the pocket…. hence the term pocket money ”.

The relationship to money has changed over the years. Previously, children had to earn their pocket money by doing a few services at home: gardening, folding laundry or emptying the dishwasher. These tasks have become free help, without compensation because parental education advocates the participation of everyone in household chores. 

Pocket money has become an important passage in the empowerment of children. This instills in them different notions:

• responsibility ;
• patience (saving money so you can buy the bike of your dreams);
• choice (they can’t buy everything, so you have to learn to prioritize).

It is a great mark of confidence and this sum can help them to feel “big”, to feel free in their decisions. This amount of money can help you grow. This process also allows them to learn to use mathematics, for example to manage a budget, to offer a gift, to share, to take part in a humanitarian action.

Zelie, 9, wanted to use her pocket money to become the godmother of a little monkey in Guinea. “With mom’s help, I send 5 euros every month to the association. And I get video and photos. She is so cute “. Zelie already feels that she is participating in the preservation of cash thanks to her pocket money.

What is the use of pocket money?

However, the use of this money remains very classic:

• the youngest spend it on stuffed animals, toys, candies, trading cards;
• middle school students buy video games, books, cinema tickets;
• high school students invest in clothing, a telephone subscription or computer equipment.

In order for this process to be beneficial to a child, he must have a certain maturity. No need to give money to a child who can’t count.

From 7 or 8 years old, children realize that it is important to save. They have matured enough to be patient. They often decide to save some of their money for a big gift. According to the Kids & Teen’Mirror barometer from the Junior City Institute, 85% of children between the ages of 8 and 15 find that saving is a good thing.

The pocket money given to European children amounts to an average of € 31 per month. This amount varies greatly depending on age:

• € 15 monthly between 5 and 10 years old,
• 27 € between 11 and 14 years old,
• € 47 between 15 and 17 years old;
• 62 € between 18 and 20 years old.

According to an AXA Investment Managers study carried out by the GFK firm in 2018, young people aged 8 to 15 receive on average € 7,83 per week against € 11,75 in 2014.

Giving too much is no use

This would have the consequence of depriving the child of the chance to experience the desire and expectation of a coveted object. Better to adapt the amount to your age and increase it over the years. A 7-year-old child with 5 to 10 euros per month can already buy candy. A teenager will need a little more to go to the movies.

The parent should establish clear rules with their child from the start. And put them in writing so that he can refer to them:

• What is the amount ?
• At what precise moment will he receive it?
• How often: every week, every month?
• What are the prohibited uses? Should he ask you for authorization before buying? From what amount? This is an opportunity to educate about waste and to talk about dangerous purchases (cigarettes, pocket knives, alcohol).

In return, parents will leave some flexibility when it comes to purchases: gadgets and other trivia that all teens love and that you don’t risk giving them. Parents will need to be tolerant of choices, as this is the only way a child can learn to spend better. They will be able to give their opinion and guide him, but only if he requests it.

Money must not become an object of blackmail or of reward for good academic results. The child must understand that he is working for himself and not for money. Likewise, giving pocket money should not compensate for a lack of availability or the guilt of a divorce. It is above all about teaching him to manage a budget and to know the value of things.