“Pocket money for children: When do you start, and how much do you pay?”

Feed them. Clothe them. Shelter them. Love them. That’s what I was told when I signed up for kids.

Nobody ever said anything about “Pay them”! Isn’t there some United Nations’ parental right to slave labour for menial (but time-saving) household chores for 15 or so years? My parents insisted there was! Before they sent me off to work in the hamburger mines (“Two all-beef patties, special sauce …”).

Most Gen Xers will remember 1979 as the “International Year of the Child”. Remember the “Care for kids” anthem? I don’t know how much the UN really achieved that year. But I’m damn sure “a child’s right to pocketmoney” wasn’t ratified by then-PM Malcolm Fraser.

Ned’s nearly four and Millie is two. Pocketmoney is well off making sense. We get them putting coins into a moneybox. And we talk about abstract money concepts occasionally with Ned.

From about grade three, we’ll introduce them to pocketmoney. I’ll do my best to nurture a positive “money personality”. How to save, and the difference between “needs” and “wants”, will be day one stuff.

Spend some on short-term junk (toys, lollies, etc), a bit saved for medium-term stuff (more expensive toys) and a portion for ultra-long term stuff.

How do you explain “ultra-long term” to an eight year old? Nooooo idea, but I’ve got a few years to nail it.

How much depends on a number factors, including your own means, how much their friends get and what you’re expecting them to use the money for.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.