From pocket money to children's accounts: parents should now consider this

How do children best learn to deal with money? And does a child account really make sense? What parents should know about it - read the tips here.

• How do children learn to deal with money *?
• It starts with pocket money. This gives them a sense of how much something is worth.
• How about saving? Is it even possible to have your own child account?

From pocket money to child accounts: tips for parents

How do children learn to deal with money ? Experts say: The easiest way to do this is with regular, small pocket money . The pocket money table 2020 , for example , which is based on the recommendations of the youth welfare offices, offers a good orientation aid. But the “German Youth Institute” has also determined in the past how high an appropriate pocket money for children could be. The result: children under six should receive a maximum of one euro per week . In elementary school age it can be up to 2.50 euros per week. Parents can pay 15.50 to 18 euros per month for children aged ten and over ,From the age of 15 , the youth institute recommends 30.50 to 38 euros per month. 

Read more here: Pocket money table 2020 and further tips on pocket money.

Talk to the children openly about money

But money shouldn't be a taboo topic in the family either. For example, parents can explain to the children how much a purchase is worth - comparisons, for example, are better than the bare numbers. For example: the new toy car was worth twenty times as much as a scoop of ice cream. Parents can also explain to the children that, for example, you have saved many years for a car that you have now bought. If children are also allowed to buy some of their pocket money on their own - and thus divide the money themselves - this is how they first learn to appreciate the value.

Read here : Child benefit should increase in 2021: This is how much money parents should get for their children

A piggy bank provides children with an overview

Simplistic, but is particularly helpful for younger children a piggy bank or money box . Because this allows you to easily keep track of things. Coins that you have thrown in accumulate - in the end the piggy bank is "slaughtered" and the money is counted together. In this way, they learn to save some money at a young age.

Pocket money account for children - what parents should know about it

For children from the age of twelve, there is also a pocket money account with a financial institution. Parents transfer the monthly pocket money by standing order to the account. Older children already learn how to use accounts and cards . The account and the money on it belong to the child. However, the parents remain entitled to dispose until the child is of legal age. You also determine the extent to which the child can dispose of the money, and the account runs on a credit basis. In other words, if there is insufficient funds in the account, the child cannot get any money. (ahu) * merkur.de is part of the Ippen central network.

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