Pocket Money: Do You Give Your Child an Allowance?

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The phrase pocket money is usual in the UK, while allowance is more common in the US. Some parents give their children a weekly or monthly allowance, others don’t and still others give pocket money for chores done around the house.

For many of us as children, getting pocket money at the end of the week or month was a much-anticipated event! It was there to be spent or saved; the idea being to teach children the value of money. How so, you might ask?

Money doesn’t grow on trees

This idiom conveys the idea that there is a physical cost to earning money and that we cannot buy everything we want. Because, where will the money come from that has to pay for it? Someone has to work hard for that cash.

When a child is given an allowance or pocket money, they soon realise that once they have spent their money on something, they need to wait for the next pocket money day to buy something else they want. Or they have to save up for a few months to get something extra special.

This teaches the core value of money; that it doesn’t replace itself.

A nest egg

A nest egg refers to an amount of money that has been saved up for a special purpose. For example, some children are encouraged to put a small amount of money from their allowance each month into an interest-bearing account.

In this way, they can save up their money for the future, a nest egg for when they are in their twenties, perhaps.

Also, some parents might also be saving up a small amount for them each month for education costs later or as a gift to them in early adulthood.

Chores

Many parents base the weekly allowance they give on chores done around the home. Some have a chart and each chore earns the child a certain amount. On the other hand, some authors on parenting suggest that chores shouldn’t be used in this way, as chores instil a sense of responsibility.

WebMD notes on their site about chores and responsibility for children that for younger children, doing chores for money might lead to them not wanting to do them unless they get a reward. So, some parents may opt to not offer money for chores until they are older or not at all. Others may offer rewards for higher value tasks for older children, such as mowing the lawn, say.

Their site adds that chores should be a way to teach a child about the valuable quality of contributing to the family. Once they are older and are more responsible, then rewards for some chores may work well.

Depending on one’s culture and background, the norms around assigning chores differ vastly around the world, of course.

Ultimately, it is up to each family whether to give pocket money at all and how much will be given, and on what basis. Also, they might want to think about whether to let their child have a junior bank account or use a piggy bank.

Some fun British money slang.

Have you heard of quid, a tenner and a fiver? For example, your son might tell his friend, ‘my Dad gave me a tenner on Friday, do you want to go for a milkshake?’. A fiver refers to a British five pound note and a tenner to the ten pound note.

Quid, on the other hand, refers to money in general. So, if you have one hundred pounds cash in your pocket, you could say that you have a hundred quid.

A grand refers to a thousand pounds. It is noteworthy that this is used commonly in other English speaking countries, such as South Africa and Australia also. As in, ‘that will cost you a grand and is really pricey’.

Dosh. This one is a common slang term for money in the UK. For instance, you might say, ‘do we have enough dosh for all of that?’.

Vocabulary

Chore

(noun)

Meaning: A task that is necessary to do regularly but might be unpleasant.

Example: My sister always hated the household chores of ironing and washing up.

Instil

(verb)

Meaning: To gradually impress an idea or attitude in someone’s mind over time.

Example: Our parents instilled in us the idea that being hospitable is important.

Interest-bearing

(adjective)

Meaning: A bank account that pays back a percentage of deposited money.

Example: A good bank account is one that is interest-bearing.

Mow or mowing

(verb)

Meaning: To cut grass, usually with a lawnmower.

Example: It is Isla’s turn to mow the lawn.

Piggy bank

(noun)

Meaning: A small container, usually shaped like a pig, for keeping coins in.

Example: My parents got me my first piggy bank when I was five.

Discussion

Do you believe in giving children pocket money to teach them about the value of money?

How common is it to give an allowance in your country?

Should children be expected to do some chores in the home?

At what age should children start getting pocket money?

Do you think children should be rewarded for doing chores with money?

How easy it to open a bank account for a child where you live?

What did you spend your pocket money on as a child?