Money of the child

amina667

how much pocket money is suitable for a 7 year old child

Mark_d

Why do you want to give pocket money - maybe to teach responsibility with money, maybe to give them freedom and autonomy with spending on snacks...?  Perhaps you want to give pocket money to encourage your kid to do jobs around the house?

I would allow a child to earn what you wouldn't mind them spending/wasting.  Perhaps allow him/her to earn £1 per day?

[Deleted User]

I think too young for pocket money but can teach about having a money box and can out money given into or into an account.

Bluebell1000

My 9 year old gets £5 a month into a Starling account (kite space), so he has a debit card with it. I can see any transactions. I think he'd have been a bit young for it at 7 though it obviously depends on the child.

Grumpy_chap

amina667 said:

how much pocket money is suitable for a 7 year old child

How much depends on what the child is expected to cover with that money.
At the age of 7, I would expect a nominal amount to cover, maybe some sweets and a comic each week plus a bit of extra for "something" or to be saved to learn the value of delayed versus instant gratification.

It is never too young for the child to start to learn about budgeting and such like.

I know it refers to an older age-profile, but the subject of pocket money was discussed in a recent thread (for 14 yo).  Some of the comments relate to any age child:
https://forums.moneysavingexpert.com/discussion/6522658/teenagers-pocket-money/p1

hazelbank1906

I give my 6 year old £2 a week and he does chores throughout the week for that. (Easy/quick chores like taking the recycling out to the bins). Hoping it teaches him money management/responsibility. Will increase it as he gets older as can’t really buy much for £2! 

Time2count

I gave my child around £2 a week at that age. £1 was guaranteed, the rest was earned by doing chores. He would usually save it up to buy a book or some colouring pens. Some money he'd save up for holiday spends.
If he knew we were going shopping and didn't want to take his money I'd lend him some to buy an item he liked on the understanding he paid me back once home. If I hadn't been paid back by bedtime I'd charge him interest for each day he was late! A good life lesson (unbeknown to him I'd stick the interest back in his piggy bank after he paid me 😂 )