Pocket money, regardless of the amount, helps to teach children about having to make choices, about saving up and about learning to wait for things they want. Teaching, guiding and showing children how to handle money is a really worthwhile exercise as it’s also a practical way to develop their sense of independence, confidence and self esteem and you are also teaching them a very important long term life skill too!
They also learn about money from the way you speak about it too, so just start to notice how you talk about money in general in front of your kids and decide if that’s really the message you want to pass on to them, regardless of how old they are. Spending, saving, withdrawing or donating money: they’re all chances to teach your child more of the basics around it.
Your child learns a lot by just watching you and how you deal with money. Children learn their attitudes and values towards money from you, as you are their first role model! Here is my advice on pocket money for children.Ĭhildren need to learn as early as possible the language of money and pocket money is a very useful starting point for teaching them about it. Money makes the world go around!’ as Lisa Minnelli happily sang in the hit musical “Cabaret” and it certainly seems to be true on more than one occasion, but debt is on the increase and there seems to be more and more demands on your money than ever before so learning about money is an essential life skill for your children in the modern world.
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