How Much Is Your Child's Allowance? Singapore Parents Share How Much They Give Their Kids

How much do you give your child? Here's an overview of what other Singaporean parents give to their child.

It’s inevitable that kids grow up, and pretty soon, they’re going to have to take up new skills as well as responsibilities. Part of this is learning about the perception of money. This usually begins when parents start to decide how much child’s allowance to give.

Pocket money is a great starting point for children to learn the responsibility of handling money. But how much allowance are Singaporean parents giving their school-going kids, and should the amount change by age?

We look into how much allowance parents in the little red dot are giving their children nowadays. And if you haven’t yet, we will also talk about what you should consider when starting a school allowance for your kiddo.

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What To Consider When You Give Your Child’s Allowance

There are many aspects in life that are better for kids to pick up on earlier in life, such as pocket money. Now, we’re not telling you to immediately jumpstart their financial independence but instead gradually teach them how they can manage their school allowance.

But before you can hand them a dollar or two, here are a few things you should keep in mind:

Your financial situation at home
You should consider certain factors, such as your family’s current financial circumstances, before setting an allowance for your child.
Your child’s age
Is your child old enough to handle money on their own? Are they already capable of learning how to manage their allowance?
Your reason for giving them an allowance
Why do you think it’s time to give your kiddo pocket money? Break down what financial responsibility skill you want them to learn from this such as ways to spend wisely or the value of money.
Stick to an agreed amount
Once you decide on an amount, make sure not to hand out extra money so they can learn to budget themselves throughout the week. If they’re old enough, you can also start discussing with them how much allowance they should get.
When you want to give them a little extra
There can be instances where you want to give your child more than you agreed. In this case, discuss whether this will count as an advance on their next allowance or if this is a reward for something they did.

Image source: iStock

How Much Child’s Allowance By Age According To Singaporean Parents?

Parents were asked whether they would be increasing or decreasing their little one’s allowance. Under a post by the Facebook group POSB Parents, parents share how much pocket money they would give their school-going kids.