The German Youth Institute (Deutsches Jugendinstitut) has published a guide for parents in Germany on how much pocket money is appropriate to give their children.
Parents who decide to give their children pocket money in Germany can now refer to a helpful guide if they are wondering how much is too much to spend on sweeties each week.
The Deutsches Jugendinstitut has published an outline of how much weekly or monthly pocket money is appropriate for children and young people from ages six to 18.
Experts at the Jugendinstitut suggest that parents give their children some pocket money since it is a highly effective way to teach financial literacy at an early age.
However, to teach financial literacy, what is important is not so much the amount of money, but that children receive it on a regular basis, Alexandra Langmeyer-Tornier from the Jugendinstitut told ZDF. Additionally, if the amount increases, it is done so regularly on a specific occasion, such as a birthday or when the child moves into the next year at school.
“Children understand the principle of money in exchange for goods very quickly. [...] The fact that parents go to work and receive money in return can be brought up a little later,” said Langmeyer-Tornier.
Once children have learned how to save and spend their money wisely, Langmeyer-Tornier points out that pocket money can be used to teach teenagers and young people about financial inequality.
“You can also talk about income with young people and highlight that different families have different financial resources. Then it is possible to classify your own familial financial situation and clarify what is possible [in terms of pocket money].”
According to the research from the Deutsches Jugendinstitut, the following sums are appropriate pocket money for children in Germany:
To find out more head to the Deutsches Jugendinstitut website.
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