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How much pocket money to give?

Pocket money meaning

Explore pocket money for kids, how to make it meaningful, and average pocket money by age.

5 pocket money ideas and tips

Pocket money is a way to reward children for doing household chores or good work. It could boost their understanding of budgeting.

But it may be useful to define clear pocket money rules so your kids don’t take it for granted.

Here are some ideas to give pocket money meaning so it doesn’t just become a handout.

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1. How much pocket money should I give?

Working out how much pocket money to give is different for everyone. And you may even decide it’s not right for your family. Think about:

2. Decide how they’ll earn pocket money

Linking pocket money to chores or achievements might show your little ones the value of hard work. Completing weekly or monthly tasks could make pocket money more satisfying and prepare them for future employment.

Consider drawing up a pocket money chart, listing different chores for each child, and when they need to be done.

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3. Be clear about your expectations

Set clear boundaries to avoid misunderstandings around pocket money.

4. Use pocket money to teach budgeting skills

Pocket money for teenagers and kids can offer a first taste of budgeting and financial independence. Here are some of the conversations it could start:

  • Encouraging children to track their weekly spending.
  • Showing them how to set short and long-term financial goals.
  • Teaching the value of saving, as well as spending.
  • Explaining the difference between the things children want and what they actually need.
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5. Give your kids some independence

Once you’re up and running, and your kids understand how to get pocket money, it may be worth giving them some freedom over spending and budgeting.

They’re bound to make mistakes in the early days – whether overspending, buying items they don’t need, or forgetting to do their chores. But it’s all part of their learning journey and a way to build financial confidence.

How can parents pay pocket money?

When paying pocket money, think about your child’s age and financial confidence. There are plenty of options to choose from.

Pocket money apps and prepaid cards

A kids pocket money app could keep track of chore lists, rewards and spending priorities. They often come with prepaid debit card options too.

NatWest Rooster Money is our pocket money app for kids aged 3-17, with a prepaid debit card option from age 6. Parents can set spending limits and see what their kids are buying. And children can only spend what you’ve added to the card.

Information Message

Information Message

Card for ages 6-17. Parent/guardian must be 18+ and a UK resident. £19.99/yr or £1.99/mo. Other fees may apply. T&Cs apply.

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Bank transfers

Does your teen have their own bank account? If so, you could pay pocket money in with a bank transfer.

Our Adapt child and teen account is available to 11-17 year-olds who are UK residents. 11-15s must apply with a parent or guardian who has a NatWest current account.

Information Message

Information Message

Account eligibility and app criteria applies. 11-15s must apply with a parent or guardian with a NatWest current account.

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Cash payments

You can choose to keep things simple with coins and banknotes.

A piggy bank could get your kids saving money from a young age as well.

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Pocket money FAQs