Giving children pocket money from the age of six helps them learn the difference between types of coins and they can better estimate their value, says the family spending institute Nibud.
Some 55% of six and seven-year-olds who get pocket money understand the value of different coins, compared with 36% of their peers who don’t get any.
Nibud also recommends that pocket money be paid regularly so that children learn to budget properly. Young children are most likely to spend their own money on toys, computer games and sweets, Nibud says.
Some 70% of Dutch under-12s get pocket money. The average amount for a seven year old is between €1 and €1.15.