Pocket Money by Age UK: Complete 2024 Guide
Understanding how much pocket money to give at each age is essential for UK parents. This comprehensive guide breaks down recommendations by age group.
The £1 Per Year Rule
The most widely accepted guideline in the UK is £1 per year of age. This means a 7-year-old receives £7 per week, while a 12-year-old gets £12. It's simple, fair, and scales naturally as children grow.
Ages 5-7: £5-£7 per week
At this age, children are just learning about money. Keep amounts small and manageable. Focus on counting, recognising coins, and understanding that items cost money.
Ages 8-10: £8-£10 per week
Children can now save for medium-term goals and understand budgeting basics. Consider opening a junior savings account to introduce banking concepts.
Ages 11-13: £11-£13 per week
Pre-teens benefit from more financial responsibility. They might pay for their own entertainment or contribute to larger purchases. This is a good time to discuss needs versus wants.
Ages 14-16: £14-£16 per week
Teenagers should be learning more advanced money management. Consider giving monthly rather than weekly allowances to teach longer-term budgeting. They may also start earning through part-time work.
Ages 17-18: £17-£18 per week
Young adults preparing for independence benefit from managing larger sums. Consider including more expenses in their responsibility, such as clothing or travel costs.
Adjusting for Your Family
Remember, these are guidelines, not rules. Adjust based on your family's financial situation, local cost of living, and what you expect the pocket money to cover.