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Things to consider when giving pocket money to children

Allowance is an important tool in the development of a child’s sense of responsibility. While parents give their children pocket money, they actually form the basis of their relationship with money in adulthood. Experts gave important information in terms of pocket money awareness and money logic in children. Here are the things that parents should pay attention to when giving pocket money to children, explained by experts…

From the birth of the child, parents begin to tell and show the world to them. Parents who strive to reach a certain consciousness begin to teach their children about currency after a certain age and give them pocket money to learn about its use. It aims to make the child professional on concepts such as pocket money, learning the economy, and investment. The situation they will implement after this step will be an important step in the adult life of children.

Things to consider when giving pocket money to children

Emphasizing that the first pocket money period of children is primary school in general, experts stated that the child actually learned the currency before that. Stating that many situations such as the holiday allowance received, witnessing the parents’ shopping or being asked to buy something from the nearby grocery store with some money given to him, the experts underlined that there are certain points that should be taken into account. .

Things to consider when giving pocket money to children

While psychologists state that the importance and position of money is perceived at a very young age, they say that for children 3-4 years old, there is nothing to be paid for. He said it is not a price paid, but a tool to get what he wants. For children aged 5-6, explaining psychologists; He stated that children, especially from their parents, started to realize that some things cost more and that money has a numerical value.

Things to consider when giving pocket money to children


According to experts, the amount of pocket money should be determined by taking into account the age of the child, his needs, his circle of friends and the economic situation of the family. It is not possible to say a general amount of pocket money determined for all ages. While determining the allowance, it should be taken into account what the child will do with the pocket money he has received. While the money given (such as daily meals, travel expenses, expenses for weekend activities) meets the needs, it should also ensure that some money remains for the child to gain the ability to save money.

things to consider when giving pocket money to children


Adjusting the amount of allowance to too little or too much can have negative effects on the child. While giving more pocket money is like an incentive against harmful environments that the child should not enter, giving less pocket money may cause the child to stay away from social activities that he can share with his peer group. In this case, problems may arise in their friendship.

Things to consider when giving pocket money to children


  1. It should not be forgotten that pocket money is an important educational tool to teach responsibility and support the individuality of the child.
  2. The allowance should enable the child to meet his/her needs, create a budget and save money.
  3. While determining the amount of allowance, the age range of the child, his needs, the social environment he is in and the economic situation of the family should be taken into consideration.
  4. The amount of pocket money can be rearranged according to the changing needs of the child.
  5. If the amount of allowance is determined too much or too little when necessary, it may negatively affect children.
  6. When giving pocket money to the child, it should be clearly stated which needs are expected to be met with this pocket money.
  7. Guidance should be given on how the child will use pocket money, but decisions should not be made instead.
  8. Deducting pocket money should not be used as a method of punishment.

things to consider when giving pocket money to children


Experts underlined that especially young children do not have experience in how to use the pocket money given to them, while young children stated that they spent a significant part of their weekly allowance in the first days. In this case, parents need to equip their children with the skills to plan spending money appropriately. The best way to do this is to give pocket money first. After you start to make your daily expenses appropriately, you can start giving weekly pocket money.

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