Deciding whether to give children pocket money presents a common dilemma for parents across the UK. Financial and parenting experts agree that a regular allowance can be a powerful tool for early money management education, though they stress that no single approach suits every family.
Vix Leyton, a consumer finance expert at thinkmoney, underscores this point. "Pocket money can be a brilliant tool for teaching children the value of money, but there’s no one-size-fits-all approach," she states. Parental strategies vary significantly, with some linking cash to chores and the amount differing based on family income and values.
Matt Buttery, CEO of the Triple P UK and Ireland parenting programme, acknowledges the complexity. "Pocket money can be a tricky area for any parent," he says. "How much to give, at what age to start, or even whether to give children pocket money at all, are all common questions." He concludes that as every family is different, an allowance may not be the right choice for everyone.
When and How Much to Give Your Child
There is no universally "right" age to begin. Some parents find it useful to start when children are as young as four or five, as it helps introduce basic financial concepts. Discussions on platforms like Mumsnet suggest many start around age five, coinciding with school entry and early maths lessons where handling real money can aid learning.
Leyton advises that the right time is "as soon as children can grasp the idea that if you spend money, it’s gone." For very young children, tiny amounts suffice to teach that spending now means waiting for the next desired item.
On the question of amount, the NatWest Rooster Money Pocket Money Index 2025 provides a benchmark. It found children received an average annual income of £474.76 (£9.13 per week) from allowances, chores, and rewards, a slight 1% decrease from the prior year. The research showed six-year-olds get about £2.81 weekly, while 17-year-olds receive £8.31.
Leyton stresses that the figure is less important than the conversation it sparks. "At its best, pocket money is a practical way to teach children that money isn’t endless and that choices have consequences," she explains.
Linking Allowances to Chores and Saving
A major debate centres on whether to tie pocket money to household tasks. Buttery notes that linking effort to reward has benefits, but cautions that children should also learn that contributions benefit the wider family and bring internal rewards like satisfaction.
Leyton agrees the method can work if expectations are crystal clear. "If pocket money is tied to chores, it becomes a lesson about earning and responsibility rather than pure money management," she says. The key, she warns, is consistency to avoid teaching children that negotiation trumps effort.
Beyond spending, pocket money offers a gentle introduction to saving. "Helping children put a little aside for something they want builds confidence and a sense of control," Leyton notes. As children mature, their allowance can mirror real-life budgets for things like phone credit, providing a safe space to practise before adult financial stakes rise.
The Core Lessons: Patience and Open Conversation
One of the most potent lessons pocket money imparts is patience. Leyton points out that the experience of spending everything immediately and facing the wait until next payment is often more effective than any lecture. She suggests allowing children to make minor, regrettable spending decisions with a fiver is a far cheaper lesson than a similar mistake with a credit card later in life.
Ultimately, both experts emphasise that pocket money is less about creating perfect budgeters and more about raising children who are not scared of money. "The earlier we normalise that, the better," says Leyton, advocating for open, honest conversations at home as the foundation.
Buttery adds a final, crucial note: "Above all, it’s helpful to remember that discussing money in an age-appropriate way, along with tools like pocket money, provide valuable opportunities for children to learn skills that can last a lifetime."
