What's the best age to start giving your kids pocket money?

WHEN 25-year-old Sydney-sider Tim Bradley moved home to his mum's while in between houses, she said she'd pay him $20 a week in pocket money (he gently explained that he didn't need pocket money anymore, but rather would pay board to his mum).

While an extreme case, it appears that most Aussie parents are paying their kids pocket money - although the average age they start receiving pocket money is around six or seven, not 25!

The latest survey from non-bank mortgage provider Homeloans Ltd shows that nearly a quarter of parents didn't start giving their kids pocket money until they were 10 or older, while 13 per cent began giving their children pocket money before they turned four.

OPINION: WHY I DON'T GIVE MY KIDS POCKET MONEY

The majority of parents who give their kids pocket money do so on a regular basis (weekly, fortnightly or monthly), while around a third give it out as and when needed. And some parents pay it as a reward for good behaviour or performing well at school.

Remarkably, the survey reveals that we are breeding a generation of savers. The majority of survey respondents who pay pocket money said their kids save their money, while others spend it on food/lollies, toys or video games - and, for the older ones, phone credit.

Before the age of 10, more than half (59 per cent) of children continue to receive under $5 per week, but for those aged between 10 and 12, they're more likely to receive around $6 - $10 (49 per cent of respondents).

With age comes slightly more money, and the survey showed that for teenagers, more than two thirds (67 per cent) earn $10 a week or more, while over half (52 per cent) of 16-18 year olds are receiving more than $20 a week.



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