I don't know when we will start to 'do' pocket money. I can't see myself being that financially organised somehow.
Have done some thinking on this already though and I intend to give the children an amount they can actually do something with as a reward for helping out/chores.
What I mean is, it won't be 20p or something as to be able to afford to buy a treat for themselves they would have to save forever at that rate!
On that basis I kind of feel we should wait a lot longer before we start pocket money and do it when they can learn about managing finances and then i would give them a fiver to clean the car or £20 a week in exchange for their help around the house (doing their laundry, keeping their rooms tidy) on a daily basis. Something like that anyway.
Still not really sure though...
If you are starting now I think £1 a week would be better than 50p but definitely no more than that. One idea I had for starting at a young age was to give enough money that they could treat themselves occasionally as well as buy the presents for their friend's parties. This would be a good way of teaching about financial responsibility early.
My mum and Dad made me earn virtually every penny as a child and rarely gave me more than 20p for a task like car cleaning. I had a paper round at 14 and helped a friend with theirs from age about 11. I had a huge pot of 20 pences with the odd pound coin that was stuck into Birthday cards from my slightly stingy Gran. I used to hoard and hoard that money. Never spent it, really, REALLY valued its worth and now as an Adult I feel so deprived of frivolity that I have a hard time controlling myself when I have money to spend.
My parents still don't treat themselves and my Dad will cut off the mould from Bread and still eat it. This I find utterly strange (but he was a war time baby!) and has definitely NOT helped me truly learn the value of money or how to spend wisely.
Sorry if I am going off topic with an account of my freaky family - thought it might be a warning to anyboy that thinks stingyness is good!!!