How much pocket money do children get?
PARENTS are being more generous by dishing out larger amounts of pocket money. And once children earn their cash, many are choosing to save it.
Mother of three Christy Jones, 49, ensures her three sons do their bit before transferring $7 per week to each child via an app.
“They get money for doing their daily chores, including making their bed, setting the table and helping with the washing,” she said.
“Sometimes we’ll be out at the shops and they will want to buy Pokemon cards and we’ll look at their app online to see if they have enough money.”
The children use the RoosterMoney app, which digitally tracks their pocket money and completed chores. Mrs Jones said this made it easier to monitor than handing over cash, which she rarely carried.
RoosterMoney’s latest research of 8600 Australian four to 14-year-olds found 70 per cent of parents gave their child a regular allowance last year.
The average amount handed over was $10.25 a week, up 12 per cent on 2018.
On average, 44 per cent of this pocket money is saved. The most lucrative chores include mowing the lawn, washing the car and washing windows.
Tribeca Financial chief executive officer Ryan Watson said there was no correct amount of pocket money to give kids.
“Depending on the child’s age, starting pocket money at $5 per week is a sensible place – not too little, but not too much,” he said.
“Where possible, giving kids physical pocket money will give them a better foundation for understanding money.
“Kids find it a lot harder to spend physical money and seem to make better financial decisions.”
The research found the main things kids spent money on included lollies, books and magazines, presents, Lego, online games Roblox and Fortnite, PlayStations and apps.
RoosterMoney chief executive officer Will Carmichael said a regular allowance was important. “You need to tell them they need to be a good citizen and do their chores weekly, fortnightly or monthly to get their pocket money allowance,” he said.
This way children knew money was coming, which allowed them to set goals.
“That gives them focus and empowers them,” Mr Carmichael said. “Then let them make some decisions.”