The valuable lessons parents can teach their kids when giving out pocket money
The valuable lessons parents can teach their kids when giving out pocket money
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The new year means a new financial start – and for some parents this will involve starting to give their children regular pocket money and encouraging them into some good money habits along the way. The weekly average ranges from £3.69 for six year olds to a peak of £17.89 for 16 year olds. Young people aged 18 receive slightly less, at £14.52, with some likely to be supplementing parental payouts with their own jobs.
The five most popular tasks in 2024 according to the data, were tidying the bedroom (£1.18 paid on average), putting away clothes (97p), making the bed (£1.25), doing homework (£1.42) and reading every day (£1.35). But the highest-paid task in 2024 was babysitting, paying £5.32 on average, according to GoHenry’s data.
Louise Hill, CEO and co-founder of GoHenry, says: “Pocket money is more than coins and chores – it’s a hands-on way to teach kids the building blocks for a financially fit future. “If you’re thinking about starting pocket money in 2025, even small amounts – whether it’s 5p or £5 – can teach kids so much.
“Pairing pocket money with simple chores helps kids learn the value of hard work and that money doesn’t grow on trees. It’s also a chance to introduce the core pillars of money management – earning, saving, spending, and giving – to help build lifelong skills such as budgeting, separating needs from wants, and the impact of saving.
