As I discovered when chatting to a group of parents about kids and pocket money (allowance) the topic can get quite emotive! There are some quite disparate views about how much, when to start and whether or not it should be for doing family/household chores.
Everyone in the group gave their children pocket but the amount was the tricky part. It seemed to be linked more to peer pressure about what other children were getting, rather than what the parents thought was appropriate.
This story from one Mum really highlighted the children’s understanding of the value of money. “It was Christmas and each of the three kids got an envelope with $20 in it from their Aunt. The 11 year old got mildly excited about $20. The 7 year old thought it was a lot of money and the three year old wondered why his Aunt had given him a pretty picture…” Continue reading