How much pocket money should I give my child?

RTS Financial Planning say that research shows that children now get on average £7 per week.  The amount you give (if anything) is up to you of course.

What is more important is helping your child to develop good savings habits.

A child’s money habits are formed from as early as age 7, so the earlier you can get your child saving the better off they will be financially when they are older.

How can you do this?

Try to get your child to divide their money into 3: 1/3 for essential spending, 1/3 for enjoyment and 1 /3 for saving. Let them know that if they want something big they need to save for it. Some parents get their children to complete a weekly sheet where they account for what they have spent before they get their next round of pocket money.

 

For information and advice about financial planning:

Carl Roberts FPFS, Chartered Financial Planner
carl@rtsfinancialplanning.co.uk • www.rtsfinancialplanning.co.uk • 01908 592544 • 07702 965275
RTS Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales.
Registration number 10619163. 21 Fosters Lane, Bradwell, Milton Keynes, MK13 9HZ

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