Parenting coach Aoife Lee uses pocket money to teach her three children – Charlie (13), Katie (10) and Jamie (4) – the value of money and how to save for items they want.
When Charlie and Kate were eight or nine years old, we started introducing small amounts of pocket money per week – a few euros,” explains Lee, founder of Parent Support.
“When I was young we got IR£1 every week and I wasted it on sweets in the shop. But it can take weeks for Katie or Charlie to ask for their pocket money, so we keep it for them in case they want to use it for something in particular.
Lee often expects children to earn their pocket money by doing small household chores and to contribute that money towards the purchase of a larger item.
“Charlie would take out the trash and take it out, or they would pack the dishwasher and keep their rooms relatively tidy and clean.”
Lee, who opened post office savings accounts for Charlie and Katie when they made their first communion, has already noticed that her children have different financial personalities.
“Charlie likes to have change in his pocket and spend it as soon as he has it, so he makes me keep his money.
“Katie uses Revolut Junior for pocket money and has more communion money in the post office than Charlie.”