Should you Give your Child Pocket Money?

Josh Bobbermen Blog

Every family is different and will come to their own conclusions about whether or not to pay children pocket money for completing household chores or assigned jobs.

Still on the fence about it? Here’s a quick look at some arguments for and against pocket money.

The Case FOR Pocket Money

The biggest case for providing pocket money is that it teaches your child about managing money. Receiving a weekly allowance is a great opportunity to learn about saving and figuring out what is worthy of spending money on. You can help create savings goals or encourage them to save up for a larger item.

If you struggle to get your child to help out around the house, pocket money can be a good motivator for getting them to contribute. Knowing what each task is worth or what jobs they are required to complete can create a more harmonious household.

The Care AGAINST Pocket Money

Those who don’t pay their children pocket money claim it’s about teaching children about contributing to the running of the household. Parents don’t get paid to wash dishes, cook dinner, vacuum or wash the car, so why should kids? When you pay your children to complete tasks it can send a message about who is responsible for the job and that there’s a choice about whether that task needs to be done. For instance, dishes need to be washed regardless of someone’s desire to earn money for it.

Having children earn their pocket money for doing chores can also create an issue if different or extra tasks need to be completed. If your child doesn’t get paid for a task, why would they do it? You might find yourself negotiating a whole lot more than you’d like to get a little help around the house. There might also be an expectation that your child will get paid each week regardless of whether they have completed their jobs or not.

Whatever choice you make, it needs to work for you and your family. If you do decide to provide pocket money you can get some advice on how much to pay from the Raising Children website and the ASIC website.