Should children get pocket money? How much, and when to start? No parent can avoid asking themselves these questions sooner or later. We all want only the best for our children, but parents themselves often have no idea where to start giving children money and how to regulate it. Famous Czech personalities spoke to LP-Life about what pocket money they give to their children and how they teach them to manage their finances.
According to expert Emilie Šípová, it's not so much the amount itself as teaching your children's financial literacy what really matters. And though it may sound very simple, the cornerstone is dialogue. Take time to discuss everything thoroughly with your children.
“Rather than the amount of pocket money, it is important to lead the child to financial literacy. This means showing the child what money is, why we use it, where it comes from and how it can be managed. One way the parent can use pocket money is by agreeing with their first-grader that he/she will receive, say, 100 crowns a week, which he/she can spend on snacks for school. The parent then talks with the child about what such a snack should contain in order to be both healthy and tasty, and they plan together what to buy,"
says psychologist Emilie Šípová.
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Otec s dcerou házejí drobné do prasátka. Source: Freepik
When to start giving children pocket money?
It's important to say that this is really up to you. There are no strict rules specifying when kids should start getting pocket money. But before you decide it's time, your children need to understand three basic things - they need money to buy things, it's important to save money and not spend it all at once, and if they spend it, it means that by the next time they get pocket money, they'll have nothing left.
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You don't need to be afraid to start from an early age. Pocket money helps children from the age of four to five to learn about the value of money and how it is used. When they receive small money, they have to choose whether to spend it or save it. And this is where they can experience the feeling of waiting for the thing they want for the first time.
How do celebrities teach their children to manage their money?
Rules or effort, or free choice of how to teach your children the value of money, apply to everyone. We asked several Czech personalities what pocket money they give to their children.
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Yvetta Blanarovičová se dnes učí o financích od svého synaSource: Profimedia
"Matyáš received pocket money when he went to a tournament or a summer camp, I think from the age of 8. We gave him a tiny amount of money for school, so he could buy a drink, he always had a snack with him and we cooked at home, so he went home for lunch. When he wanted more money, he had to take a side job and earn it. Only later, when he was in high school, did he receive regular pocket money,"
says actress and singer Yvetta Blanarovičová.
"Matyáš is an adult today, so now it's more like I'm asking him about financial matters," she adds with a smile.
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Roman Vojtek, Benedikt Vojtek, Petra Vraspírová, Edita Vojtková Source: Profimedia
Roman Vojtek (48) told us that he doesn't give his children pocket money yet. From his first marriage, he has two children in joint custody, Edita and Benedikt (10 and 5 years old), and a new baby, five-month-old Nathaniel, with his current wife Petra.
"In addition to the money she receives from the whole family for various occasions, Viktorie has also been receiving pocket money since last year. She is 14 years old, gets 1,000 crowns a month and has the money on a bank account. Markus, who is nine, only receives money from the family for birthdays, name days, Easter or Christmas, and saves it,"
actress Vlaďka Erbová shared with LP-Life.
"Children should know the value of money so that they would be aware that nothing is for free," she adds.
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Vlaďka Erbová s dcerou Viktorií BahenskouSource: Profimedia
Presenter Markéta Fialová also told us that her two big children receive pocket money.
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Markéta Fialová s dcerou Emmou. Source: Profimedia
"My girls have been getting pocket money from about the third grade, I think it was 150 crowns a month back then; it gradually increased. Now they are 19 and 16 years old and we've gotten up to 500 crowns a month, in addition to which they both earn extra money from time to time. From the age of fifteen, both of them have also had a bank account, where I put their money. I think they've mostly been spending their pocket money on gifts for their friends and for us, some coffee here and there, and so on.”
It is also important to realize that children learn a lot by watching how you use money yourself. If your child sees that you are setting a spending limit or shopping at the best price, you will help them learn to stay within a budget.
Presenter Vojtěch Bernatský, on the other hand, revealed that he and his wife do not give their children a fixed amount of pocket money.
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Vojtěch Bernatský s manželkou a dětmi.Source: Profimedia
"We haven't been thinking about it yet. Maybe it's because we actually buy our children almost everything they want. We have zero willpower. Fortunately, we have good and grateful children. Naturally, our 9-year old Eliška already has better awareness about the value of money than the 4-year-old Matyáš, but we're trying to impress on both of them that money doesn't fall from the sky. I will be happy if they also have other values in life than those that can be counted."
Is there actually a correct amount?
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Matka s dcerou počítají drobné. Source: Freepik
Unfortunately, we have to say no! There really is no answer to this question. Children will subconsciously always want more. They'll begin to compare themselves to other kids, become jealous of their classmates. That makes it a losing fight. However, according to the statistics of Česká spořitelna, Czech children aged 8 to 11 receive an average of 250 crowns a month, whíle second grades usually receive 420 crowns.
“It depends a lot on the context in which the family lives and what rules they are following. Whether the pocket money is intended to be spent on toys, whether the child is saving up to buy a plane ticket or go for a trip. All of those are important variables. Personally, I think it's good for children to learn cooperation - the child has some responsibility, and so does the parent,"
says psychologist Emilie Šípová.
Monthly or weekly pocket money?
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Rodiče drží v ruce kasičku. Source: Freepik
This largely depends on the age of your children. In the case of the smaller ones, a shorter interval is always better. At such an age, it will make it easier for them to plan their expenses and purchases. Ask questions, plan together. They will certainly welcome your helping hand. Do they want a new toy? Calculate with them how much it costs and how long they will have to save up for it.
"When they need something more, it's not a problem to come to an agreement, but we've never kept a close eye on their expenses. In any case, I think that having "their own" money is important for a child from a reasonable age, just as it is important for them to try to earn it themselves from a certain age,"
says moderator Markéta Fialová. As many as 64% of children in a survey conducted by Česká spořitelna said that were saving up for a dream thing. But children also often use their pocket money to buy sweets and soda.
Monika Marešová, who has two children with Leoš Mareš, also teaches her children to manage their money.
"Yes, my children have been receiving pocket money from the 1st grade... At first, it was 100 crowns a month. Now my 11-year-old son gets 200 crowns a month, and the older, 15-year-old Jakub gets 1,000 crowns a month. At this point, it has taught them the value of money and that they have to save up, for example, for Christmas gifts, birthdays gifts for the family, etc. If they want to buy something, I usually contribute to it, but they have to add some of their own money."
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Monika Marešová se syny Jakubem a MatějemSource: Profimedia
You'll get twenty for vacuuming
This is not the way. It's good to motivate children and, from time to time, increase their pocket money, for example when they get good grades at the end of the school year. But in the case of housework, it could easily backfire - "I'll clean up if you pay me".
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Kluk drží v ruce bankovky. Source: Freepik
"Personally, I don't consider it appropriate to give a child money for work in the household. There should be a fair division of responsibility for the common space in which we live, and where we strive to feel comfortable,”
explains psychologist Emilie Šípová.
And how about you and your kids? What do you think is the "optimal" amount of pocket money?
