They also learn to value possessions more, when they have had a hand in paying for them. A Sense of Purpose and Achievement: By gradually saving some of their pocket money towards a goal, children develop a sense of purpose and pride in their achievement.They learn to prioritise wants and needs. Pocket money, especially if earned through chores, enables them to learn what money is actually worth, and its value. To them they literally see cash come out of a hole-in-the-wall. The Value of Money: It’s a tricky concept for kids to grasp, but one they need to understand.Make a Future Saver: Learning young, through pocket money, encourages a lifetime of saving where delayed gratification is appreciated.
Pocket money is the building block for adult self-sufficiency. Lower Risk of Adult Debt: According to the ING survey of 12,000 parents across Europe, giving children pocket money reduces the risk of them getting in to debt as adults.Pocket money reinforces this – teaching children the benefits of saving, careful spending, and money management. Financial Planning: Since 2014, financial literacy features on the UK National Curriculum.There are a wide range of benefits to giving pocket money:. Read on to find out more about the benefits of pocket money and how much you should give. In fact, kids who get pocket money are more likely to develop strong financial planning skills, and are less likely to get in debt as adults. Pocket money has a wealth of benefits for both the child and the family. What Are the Benefits of Pocket Money? And How Much Should You Give?
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