Parents often wonder how much pocket money to give a child so that they are not spoiled, while at the same time teaching them to use money properly.
Lent.az reports that specialists in child psychology say there is no exact formula suitable for everyone. However, some age-appropriate rules can help parents make the right decision.
According to the experts, for children under seven, money is primarily a plaything. At this age, the main goal is to explain to the child that money is not a toy but a means used for a specific purpose.
From the age of eight, a child better understands the value of shopping. Therefore, giving pocket money in a small fixed amount once a week helps develop planning skills.
Psychologists note that the amount should be in line with the family’s means. The child should not feel inferior to their peers, but giving them a very large amount is also not appropriate. Some parents link pocket money to grades. However, specialists believe that studying is the child's duty and should not be a way to earn money.
A more effective method is to give money for additional tasks that are not part of the child's usual duties. This helps the child understand the connection between labor and reward.
It is important to give teenagers more freedom with money. This teaches them to make choices and take responsibility. Economists also point out a simple rule: the weekly pocket money amount can be approximately equal to the child's age. However, this is only an approximate guideline.
Specialists emphasize that pocket money helps develop financial literacy in children. Children learn to save money, compare prices, and plan their expenses.