Top 3 Irish Pocket Money Resources for parents
Pocket Money is a great tool for teaching your children about managing money and financial planning. Do you feel like you are handing out money ad hoc to your children? Are you unsure how much pocket money you should give your child? Should chores be linked to pocket money? How much pocket money do other Irish parents give their children? We pulled together the top 3 resources based on parents experience in Ireland.
This article discusses the benefits of giving your child pocket money, ideas on how to calculate how much to give your child, and whether your child should "earn" pocket money. Click the link above to read the article.
This article discusses cash versus electronic pocket money, how much pocket money you should give your child and financial education. Click the link above to read the article.
This article by the Irish Independent from 2020 reports on a survey conducted by iReach for Bank of Ireland which found that on average children under 12 in Ireland receive €6.40 pocket money a week, over 12s an average of €10.40 a week. It discusses what children are using their pocket money for and how they "earn" pocket money. It also highlights that Irish children are not building saving habits through pocket money.
The most important insight for parents comes from the Bank of Ireland survey reported by the Irish Independent which highlights that Irish children are not developing saving habits. Our next blog post will focus specifically on how to use pocket money as a financial management and planning tool to educated your children from an early age.