From what age do you have to start giving pocket money, how much do you give and how often? There are no fixed rules, but there are a number of firmly rooted habits. For example, three out of four Belgian parents regularly give pocket money to their offspring. That puts them right on the European average. But how much do they give and for what purpose?
According to a study among 12,000 European consumers, 73% of Belgian parents give pocket money. For our northern neighbors that is 67% and the most generous parents are the Turkish: 95%.
Why do parents give pocket money? First of all to teach their children how to handle money, then to get to know the value of money and finally to show them how to manage a budget. Only 35% of respondents say they give their children pocket money … so that they can buy what they need.
At which age?
Since parents agree that pocket money has a pedagogical value, it makes sense that they start at a very young age, usually before the child is ten years old! But at that age it is still about symbolic amounts: less than 5 euros a week. It is of course ideal if the child can already count, so from the first years of primary school.
The rightly states that there is no set rule for giving a certain amount of pocket money at a certain age. Criteria that often play a role are the age of the child, the income of the parents and what the child has to buy with his pocket money (candy, toys, extra clothing, electronic gadgets, …).
The latest Crioc study in Belgium gives a clue, but they are only averages. Some parents give more, others give less.
How much spending money per week?
gross monthly income
of the parents10 year11 year12 year13 year14 year15 year16 year17 year
2,500 euros 5.76, 266.46, 97, 1012, 1214.3
It is better to give young children pocket money once a week: for a child of 7 or 8 years this has been a long period. As the child grows up, you switch to biweekly and later monthly spending money. Your adolescent then becomes more responsible and learns how to manage his monthly budget.
A few tips:
- Explain to your child why they no longer receive pocket money and how many hours you have to work for that.
- It is better not to give advances or temporary increases, because then the pedagogical effect will be lost: your child will get the impression that money is just for the taking.
- Do not express an opinion on his expenses, but do not hesitate to give advice.
- Explain to your child at an early age why saving is useful. Give it a piggy bank first and open a savings account later, as soon as the child is old enough to understand why it is interesting.