But what age should a child get pocket money? How much pocket money should you give them, and how often? How can you strike a balance between control and freedom? Read on to find the answers to your questions about how to manage pocket money.
"}},{"componentType":"sectionTitle","title":"How much pocket money should you give your child?"},{"componentType":"paragraph","richBody":{"value":"Apart from your own budget, a few other criteria can help you make an informed choice as to how much pocket money you should give:
Sophie, a mother of three, gives some money from time to time to her eldest daughter, Lora, 12:
"}},{"componentType":"sectionTitle","title":"How often should you give them their pocket money?"},{"componentType":"paragraph","richBody":{"value":"My husband and I occasionally give our daughter Lora some money. (…) And her grandmother does the same! At the end of the month, Lora sometimes has received as much as €50, which I find is a little too much. So it’s time to have a frank discussion, and include her grandmother as well.
Is it better to give pocket money every week or every month? It depends. This frequency depends on how mature your child is. For example, at the beginning, let’s say about 12, it can be more reassuring to give a small sum every week rather than one larger sum every month. And in line with the same logic, it would be better to give your child a large sum each month when they’re 18 to prepare your teen for adult life and even student life.
"}},{"componentType":"sectionTitle","title":"What is the purpose of pocket money?"},{"componentType":"paragraph","richBody":{"value":"By definition, pocket money is used for expenses that are not essential. These are specific to each young person. Some like fashion, others like video games, others prefer to go out... Pocket money therefore implies a certain freedom. And if you want to keep some control then you should set clear ground rules. These can obviously change over time.
"}},{"componentType":"paragraph","richBody":{"value":"Fatouh and William are parents of two teenagers, who are free to spend their pocket money any way they please:
"}},{"componentType":"sectionTitle","title":"Should they save some of the pocket money?"},{"componentType":"paragraph","richBody":{"value":"Jolan is 17 and he spends his €25 a month mainly on food, drinks and outings. With her 20 euros, his younger sister Aiko mainly buys clothes. We don't set any conditions for pocket money; they can spend it any way they please. And we never deprive them of pocket money as a punishment.
Even if this is not the main purpose, a young person can obviously decide to save some or all of their pocket money depending on their own desires. It’s just another way of managing their budget and becoming independent so they can achieve their dreams. To do this, a savings account in the child’s name can be a very useful tool.
"}},{"componentType":"highlight","title":"Good tip","richBody":{"value":"If you have already opened a savings account in your child’s name, it may also be useful to set limits. Indeed, as soon as a young person opens their first current account, they can also access their savings account. You can work with your banker to determine whether your child can check the balance of their savings account, withdraw their money and from what age they can do so.
"}},{"componentType":"paragraph","richBody":{"value":"Like many parents, Pierre is saving for his child Charlotte (aged 16). He therefore believes that it is important that his daughter learn to be thrifty with her pocket money.
"}},{"componentType":"sectionTitle","title":"Should you control your teen’s spending?"},{"componentType":"paragraph","richBody":{"value":"Of course, I buy Charlotte everything she needs. She also gets pocket money to save up for small extras, such as a cool pair of shoes or the trip she’s planning with her friends once she's finished school. This enables them to make their own choices and avoid compulsive spending.
As you saw above, pocket money has real educational value. By managing their pocket money, a child learns about being independent and how to manage their money.
However, you may want to keep an eye on how they spent their pocket money. To do this, a current account for minors is the ideal solution:
at ING, your child can manage their pocket money in the banking app from the age of 12.
"}},{"componentType":"paragraph","richBody":{"value":"Sarah pays the pocket money into her son Lorenz's account, aged 15.
"}},{"componentType":"paragraph","richBody":{"value":"As it’s really easy, I never forget. Lorenz has his own credit card so he can withdraw money or pay by card. Thanks to the app on his smartphone, he knows at all times how much money he has left in his account. And that’s also true for me: I’m a co-manager of his account, so I can remotely track the expenses he makes.
The advantages of pocket money are therefore varied, and the possibilities are numerous. This educational tool can be adjusted over time to support your child as they grow towards greater maturity and independence.
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