I'm a money expert - this is the exact amount of pocket money YOU should be paying your child

I'm a money expert - this is the exact amount of pocket money YOU should be paying your child On average, parents give children £7.75 a week in pocket money - but knowing how much is right for you depends on your individual circumstances and the age of your child I’ve spent nearly two decades writing about budgeting but now as a mum to three-year-old twins, I’ve realised how early learning about money can start. Jack and Sienna are already learning about money. They love playing shop and even tapping my card to pay in shops. But what they haven’t learned yet, is that tapping a card is not magic and money does run out. That’s why I think pocket money can help give children a safe way to practice making choices. They can learn about saving up for something they really want or occasionally buying an item and deciding it wasn’t worth it. They may also understand what it feels like when money runs out. On average, parents give children £7.75 a week, or £403 a year, in pocket money, according to new Confused.com research, based on 1,000 adults with kids aged four to 16. The average age for starting to pay pocket money is seven. Deciding how much you pay your kids really depends on what you can afford. My starting point is to look at the money you have left after essential bills and set aside no more than around 2.5% of that for pocket money. If your household has £1,000 left each month after rent or mortgage, energy, food, childcare, transport and other essentials, 2.5% is £25 a month - about £5.75 a week. You might round that down for a younger child or up for an older one who is expected to pay for more things themselves. If £25 feels uncomfortable, pay less. If you have more than one child, decide what you can afford as a total family pocket-money pot before dividing it, rather than automatically multiplying the figure. The exact amount for your family is the one you can pay consistently without dipping into an overdraft, using credit or cutting back on essentials. And if the affordable answer is 50p, £1 or nothing at all for now, that’s absolutely fine. You can still teach kids important money lessons early on, using coins, a homemade chart or money received for birthdays. The lesson is more valuable than the size of the payment. When should you start? The survey found children begin receiving pocket money at seven and a half on average, with more than half starting between five and eight. I would not treat that as a deadline either. A child is ready when they understand that money can be spent only once, can make a simple choice between two items and can wait at least a little while to save towards something. Some children will be ready earlier than others. With younger children, physical coins can be easier to understand. They can see a jar filling up and watch the money disappear when they buy something. As children get older, a bank account, prepaid card or app can teach them about balances and contactless spending - but parents should check fees, age limits, parental controls and cash withdrawal rules first. I think linking pocket money payments to chores is a good idea for older children - but you need to be clear about what are normal household tasks linked to family life that they are expected to do, such as cleaning up after dinner. Three-quarters of parents in the survey link at least some pocket money to household tasks. Whatever amount you choose, be clear about what it has to cover. A five-year-old's £2 might be entirely theirs to spend. A teenager's larger allowance might need to cover lunches, travel, phone costs or going out. Try to pay it on the same day each week or month and try to encourage them to save. Maybe you could even have separate piggy banks or jars for spending and saving. Let them make mistakes like spending it all on sweets and while you might want to rescue them, don’t do it. They are learning a vital lesson. Those are the skills I want Jack and Sienna to grow up with. I plan to start giving them a very small amount like 50p when they are five years old and then increase it as they become responsible for their own spending. Pocket money should teach kids that money has limits but it would be silly to let it overstretch your own budget to pay it.