Pocket money at age 6 : is it a good idea ?
5 min
Starting to give your child pocket money at the age of six helps them to learn the basics of financial management, just as they start to learn counting and calculation at primary school. According to a survey conducted by Maison Slash in collaboration with BNP Paribas Fortis, 27.2% of parents start giving pocket money between the ages of six and nine. This is also the case for Natalie, mother of seven-year-old Giuliano and ten-year-old Emilia, who shares her experience and practical advice in this article.
Key points
- Age 6 is a good time to start: children learn to count using real money
- Recommended amount: €1 per week in cash for a 7-year-old
- No strict rules are needed: let children learn through experience
- Savings rule: if they receive more than €25, half should go into savings
Why is the age of 6 a good time to start?
Children of this age begin to develop their maths skills at school. Counting real coins and notes helps to reinforce this learning in a practical way. Natalie also explains that her children often wanted to buy small things on holiday, such as souvenirs, sweets or little gadgets. This inspired her to give them a budget so they could make their own choices.
"What you learn young stays with you for life." My children had just started primary school and were beginning to handle coins and banknotes in class. It felt like the perfect moment to teach them how to manage money in real life.”
What skills can a 6-year-old already learn?
Giving pocket money to children aged 6 helps them to develop essential skills such as patience and saving.
It is also important to Natalie that her children understand that not everyone has the same financial opportunities. This teaches them empathy from a young age.
"I want them to learn several important things. First, how to count properly using real money, not just abstract numbers. Secondly, I want them to understand the value of money, that mum and dad work to earn it and that nothing is free.”
This approach also helps children to understand the consequences of their choices: if they spend all their money on sweets on the first day, they won't have anything left for the rest of the week.
How much pocket money should you give a 6- or 7-year-old?
In Belgium, children aged 6 or 7 generally receive less than €5 per month. One commonly used guideline is to give between €0.50 and €1 per year of age each week. These amounts are in line with the survey results.
“Giuliano, who is 7, receives €1 a week in cash. His sister Emilia, who is 10, receives €2 a week. It’s a modest amount, but enough for them to learn how to make choices.”
Natalie already has a clear plan for the future:
“When they start secondary school, around the age of 12, they’ll have a bank account and a debit card. But for now, cash helps them better understand what they have and what they spend.”
Should you set rules for spending pocket money?
No, strict rules are not necessary. The focus should be on guided independence.
Natalie prefers to offer advice rather than impose bans. Sometimes she suggests spending money on something durable, but ultimately, the decision lies with the child. This approach enables children to learn from experience, including from their mistakes.
"There are no strict rules about what is or isn't allowed. I let them decide for themselves. Emilia loves buying sweets and small toys like squishies. It’s not always what I would choose, but it’s her money.”
The effect is positive: when an impulsive purchase disappoints, they remember that next time. This is a much more effective lesson than an imposed rule.
How much of their pocket money should children save?
A simple rule: save 50% of amounts above €25 while still leaving room for freedom.
Natalie has a straightforward rule. If her children receive more than €25 in birthday money from family members, they must save half and can do what they want with the rest. This approach effectively encourages the habit of saving while still allowing for the occasional treat.
“Giuliano, for example, wants a €50 Lego set. It’s a motivating goal, but he is tempted to spend €20 on something else. He is learning to weigh up his needs and wants.” Emilia loves shopping at Zara. She has to decide for herself what she really wants. If she spends all her money in one shop, she won't have anything left for the following weeks.”
Discover our savings accounts for children to help your children save effectively.
How can you strengthen your children’s financial education?
One effective way to enhance your children's financial literacy is to actively engage them in daily conversations and decisions related to money. This approach provides them with valuable experience and gradually guides them towards independent financial management. Natalie provides a concrete example of this: she takes her children to IKEA to show them how much furniture costs.
“When we’re looking for a new armchair, for example, I show them the prices. They understand that mum and dad also have to save for major purchases.”
This approach helps children develop a realistic understanding of budget management. They learn that money doesn't grow on trees and that every purchase involves a choice.
Is your child getting older, and would you like to support them as they learn to manage money? The BNP Paribas Fortis Welcome Pack offers a free youth account for children up to the age of 18.
With this account, your child can learn to manage money independently, while you remain in control as a parent. It's an ideal next step when they start secondary school and are ready for a bank card.
Your child learns how to manage money, while you stay in control.