Pocket money from the age of 6: a good idea?
5 min
Does it make sense to give pocket money to a child aged 6 or older? According to our large pocket money survey, 27.2% of parents say yes. A larger group only starts somewhere between the ages of 10 and 12. Together with Maison Slash, we spoke to Natalie, a mother who is convinced of the importance of financial education for children from an early age. She has been giving her daughter Emilia (10 years old) and son Giuliano (7 years old) pocket money since their first year of primary school.
What you learn early, you carry for life
Natalie: "My partner and I have two children, Emilia (10) and Giuliano (7). When they were still toddlers, they often asked for money during holidays to buy all sorts of things. Emilia especially. I actually thought it was a lot of money to spend on useless things. So their first year of primary school seemed like a good time to start giving them pocket money to manage themselves. They learn to count at school anyway. And they soon start doing exercises where they count using notes and coins. I believe that what you learn early, you carry for life."
What skills can a 6-year-old already learn?
"We don't give them an advance on their pocket money. They have to learn to wait."
Natalie: "I don't just think that learning to count with money is an important skill. I also want our children to realise that not everyone is so well off. They are lucky. I also want them to learn the value of money. And understand that mum and dad have to work for it. Finally, I also want Emilia and Giuliano to learn to save. If you want a Lego set that costs €50, you have to be patient, save up and wait. They each have a piggy bank at home where they can see their savings grow; it’s a good way of making money feel real.”
How much pocket money do you give to your children?
Natalie: "At the moment, Giuliano gets 1 euro per week and Emilia 2 euros per week. They get this money as cash to put into their wallets. Emilia is now in fifth grade. When she starts secondary school, we're going to open a kids’ bank account with a debit card for her, so she can keep track of her pocket money in an account. Ultimately, it’s important that they both learn how to use things like a bank card and a banking app."
Should you set rules as to how they spend it?
Natalie: "We don't have strict rules on what the children can do with their pocket money. Emilia likes to spend it on sweets and things like a squishies or other silly toys. I’m not a fan of it myself, because they often play with them once and then never look at them again. I tell her that. Shouldn’t you spend your money on something you’ll enjoy for longer?"
How much should they save?
“If they get extra money from their family, for a birthday for example, they have to save half of it.”
Natalie: "We also have rules about saving. If they get money for a birthday or another occasion and it's more than €25, they have to save half of it. I think they're doing pretty well, although saving for long-term goals is of course hard for children. For example, Giuliano will take his wallet to the toy shop. He'd like to save up for a Lego box that costs €99, but it's tempting to spend the €20 straight away. Emilia likes to shop at Zara. We do of course pay for things like her winter coat, but if she wants to buy something extra, she has to choose from the pile of clothes she has tried on. So, we provide everything she really needs and she has to pay for the rest from her pocket money."
What else can you do to support financial education?
Natalie: "We sometimes involve our children in discussions about the family budget. Of course, we don't discuss every invoice, but they should be aware of what things cost. We also need to save for a new sofa. And if the children would like a new bedroom or a beanbag for their room, I take them to IKEA so they can see how much these things cost."
Inspired by Natalie’s story? Do you have any questions after reading this article? Or would you like to know more about our free payment account for young people under 18? We are here to help you, remotely or by appointment at a BNP Paribas Fortis branch, at a post office or 24/7 via our digital channels.