As a parent, you ask yourself: “Am I doing the right thing? Is pocket money an absolute ‘must’? Am I giving too much or too little?” Many families in Switzerland stick to the recommendations of Budgetberatung Schweiz. The following infographic is a reliable guide to help you give the right amount of pocket money. But you know your child’s needs best. What suits others, might not suit you.
Solve two problems at once: Use the introduction to pocket money to show them in an appealing way how to deal with numbers. Start the pocket money allowance with small amounts every week.
Does your child want to save for the newest freestyle scooter, the coolest thing on the playground? Then break the amount down together into weekly amounts until they have the amount they need. This way, your child will have something to look forward to.
It’s recommended to start giving children pocket money on a monthly basis from the age of 10. This teaches children to spread their pocket money over a longer period of time and to be thrifty about their budget. Another way to give your child more financial responsibility is the so-called “Jugendlohn”, a monthly wage for young people to cover their needs and pocket money.
The Jugendlohn transfers even more budgeting responsibility and the child has to learn how to cover their financial needs on their own.
UBS’s educational principles
This article was written in collaboration with educator Marianne Heller, who has years of experience in teaching financial education and debt prevention programs for children and young people.