As of: March 14, 2024, 6:01 p.m
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Children learn how to handle money best when they have some of it.
How do kids learn how to handle money responsibly?
And how much pocket money is appropriate at what age?
Munich - How much pocket money should you give children?
The German Youth Institute dealt with the topic “professionally”.
It has published a table with recommendations for pocket money for children and young people.
Guide values
For example, primary school children should receive between 1.50 and 2 euros per week, while it is suggested that 12-year-olds should receive between 21 and 23.50 euros per month.
It must be mentioned that these are figures that were recommended before inflation.
However, the youth institute also says that the amount of pocket money is not the decisive factor, but rather the learning effect.
Children learn the value of money by being able to use it sensibly and save for certain things.
Therefore, the amounts should be adjusted individually.
Further excerpts from the “recommendation table”: 10 years: 16 to 18.50 euros per month.
14 years: 26 to 31 euros per month.
16 years: 39 euros to 47 euros per month.
And from 18 years: 63 euros to 79 euros per month.
Every child handles their pocket money differently.
Some save in a disciplined manner - others buy immediately.
Children who have difficulty managing money should get help from their parents.
This can be a small household book.
The kids can write down their expenses and “consumer behavior” can be discussed later.
Pocket money is there to be spent.
From a certain age, however, it makes sense to let children set budgets for certain everyday items.
© Patrick Pleul/dpa
Accounts
As soon as children learn to manage their own money, a child or pocket money account can make sense.
As a rule, banks offer these from the age of seven.
The accounts are on a credit basis and the parents bear legal and financial responsibility until they come of age.
The German Youth Institute has been dealing with this issue for many years and also recommends budget money that should be planned in addition to pocket money.
This is intended for set expenses such as clothing or school supplies and can initially be managed by parents.
Purchase contracts
To protect against negative legal consequences, children cannot enter into purchase contracts.
A six-year-old cannot legally buy candy, even with his parents' permission.
According to the German Civil Code (BGB), children under the age of seven are legally incompetent.
From the age of seven, minors have limited legal capacity.
For a legal transaction, i.e. for shopping, you need the consent of your legal representative, usually a parent.
If this is not the case, a child's legal transaction is “invalid”.
This means that parents can cancel their child's purchase or make it legally effective through subsequent consent.
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The pocket money paragraph in the BGB provides, as an exception, that a minor can conclude legally binding contracts without the consent of their legal representative if their legal representative has given them funds to freely use.
This legitimizes the independent purchasing of goods and services by children.
Parents and children, but also sellers, have the security that the legal transaction is and remains effective.