At what age should teen grandsons pocket money be stopped?

Robisere

We gave all 4 of our grandchildren a Junior ISA of £2,500 each a few years ago, after receiving an unexpected windfall. They all lived in a rural village and the big problem at 18 is getting to further education and/or work. We also helped out with a little pocket money now and again as they grew up, still do, as we have learned that they actually need money more as they entered their teens.

The two eldest are now working and the ISA became the basis of a bank account. The next eldest is 18, works 2 days a week and has further education at a college 3 days a week. He also used the ISA to start a bank account, but is the first to decide not to touch the £2.5K, which he invested in a Saving account. He wants to finish college, get a job and buy a van, not a car, so as to eventually start a business. Of the other 2 eldest, one has bought a car for work and the other used some to rent a flat until his job began to pay him a really good salary, after which he invested the remaining money and is saving for a house deposit.

The youngest is 11, at a good grammar school, and says she does not want pocket money, as she gets it from dad. Any extra, she adds to her ISA.

We are so happy that they all seem to have a sensible attitude about money, especially as things are so much tougher now for young people. Pocket money is fine, but teaching them how to look after the money they have, is so much more worthwhile.

DigForVictory

You wonderful generous soul OP!
The student would understand if you stopped at 18, but is likely to seriously appreciate it whereas the 6 year old? Really not so much.

If you can afford to keep it up, please keep on helping the student (and point out that while many stop 'pocket money' at 18, you cherish education & so will carry on contributing so long as he stays in education?) Then repeat the chat with 17 year old & if you're not already giving to the littler two, talk to them about how you help those who study, maybe starting (& possibly initially at a lower level) as they start secondary?

Awed at your love & care & delighted the lads are worthy of it!

no1catman

WOW< WOW and more WOW, apart from Christmas present Postal Orders from a few far away relatives - maybe fifteen bob, remember if my God-Mother visited usually got 2/6d.
Pocket money - think that ended when I got a paper-round about 15/- a week.

Fireflyaway

My child gets pocket money from grandparents which increases with age. A 6 years old doesn't have much concept of money and doesn't really need money. With a young child its the gesture that counts and getting them into good financial habits, where as a uni student would probably need the money a lot more. For that reason I'd make the amounts different. Maybe stop at 21? Wasn't that traditionally the age of 'adulthood'? I think its great that you are helping and so wonderful that your grandsons are so grateful and well mannered.

Gloomendoom

no1catman wrote: »

WOW< WOW and more WOW, apart from Christmas present Postal Orders from a few far away relatives - maybe fifteen bob, remember if my God-Mother visited usually got 2/6d.

Half a crown? I was over the moon if I got given two bob when my grandparents visited once a year.

To put that in perspective, that would have bought not quite three and a half Mars bars at 7d each.

zaksmum

My grandsons are the nicest boys you could hope to meet and I really would do anything for them - as they would for us.
So I'll keep giving them the money for now, I think. They appreciate it so much and maybe I'll look at it again when my oldest grandson is 21It's just a case of putting £5 each per week in a jar for them, plus spare £1 coins...it's a good amount when they get it 6 monthly rather than weekly and they can do so much more with it

System

My grandparents gave us pocket money until we were 18 (sadly my grandad had already passed and my nan died not long after that) which seemed fair my nan also bought me a food top up voucher thing that was a huge help when i started uni! It fed me for pretty much my first year!

I'd say if you can afford to still give them it and are happy doing so then perhaps pay it until they graduate at 21? Or stop at 18, then give them a lump sum at 21 which could be used for a house deposit or a car or something?

McBec

I received pocket money from my Grandad while I was at University. I appreciated it for two reasons, having an extra little bit of money each month was lovely (I did work 2 jobs at the same time, but the pay was rubbish) but also it was a lovely reminder of home - knowing that that support was still there. My brother didn't go to Uni so my Grandad gave him the equivalent that he would have received towards a car. He was scrupulous in treating us equally.

When I was about 6 or 7 I didn't get pocket money but I did get a comic a week - this was from a different relative. Again it was much appreciated and gave us something to read together.

Just my thoughts.

Either way I am sure that your Grandsons are grateful for what you have done for them.