Pocket money is a difficult concept to navigate. Everyone seems to do it differently, and there are strong arguments to be made from all perspectives. What makes it even harder is that kids will talk to their friends and discuss their different situations, which can lead to feelings of unfairness. Here are some things to consider.
Should They Work for It?
Some people hand their kids some weekly money with no strings attached. This is of course great from the kids’ perspectives, but can also give them a false understanding of earning money. At the same time, you don’t want to make them feel they have to work hard to be worthy of some pocket money. Try to find the balance between these issues.
How Much is Right?
Another very tricky one, that is of course influenced by how much disposable income you have yourself. Kids being handed masses of cash at a young age may not be ideal, as they are likely to spend it on useless things, and will have an unrealistic view of how money works. But if they are old enough to be going out with their friends, then they will need enough to cover these expenses.