Give them pocket moneyDoling out pocket money is a helpful way of introducing the concept of money management and budgeting. In 2020, the under-12s received an average €6.40 a week in pocket money, with teens getting €10.40, according to a Bank of Ireland survey. Indeed, almost a third of parents surveyed by Bank of Ireland said they do not require their children to do anything to earn their pocket money. For example, if your child receives pocket money of €6 a week, you could agree that €2.50 must be saved for a bigger treat, such as a new toy, gadget or for spending money on a family holiday. For pocket money, kids can put their money in a jar or a piggy bank – if they have visual evidence of their money accumulating, they can garner a real sense of achievement, Lowe says.

Source: Irish Independent August 28, 2022 07:51 UTC