For a 10-year-old in Australia, pocket money averages around $7.50 to $11.50 per week, depending on the source, with some parents giving $1 per year of age (so $10) or linking it to chores, while others use different systems to teach financial responsibility, covering items like lollies, savings, or outing costs.
Pocket Money As a general guide, 50 cents to $1 per age of child is a sensible amount. Don't ever feel you need to match or compete with another parent's pocket money policy.
70% of Aussie parents and caregivers give their children pocket money, averaging $11.10 per child per week in 2024. That amount is actually slightly lower than the $12.04/week from a YouGov survey of over 2,000 parents and guardians of children aged 8-17 we carried out in 2022. However, the average varies by age.
Levine recommends 50 cents to a dollar for every year of age, on a weekly basis. For example, a 10 year old would receive $5 to $10 per week.
Best Ways to Make $100 Fast as a Kid
The "777 rule for kids" has two main meanings in parenting: one focuses on daily connection time (7 mins morning, 7 mins after school, 7 mins before bed) for feeling seen and valued, while another defines developmental stages (0-7 play, 7-14 teach, 14-21 guide) for parents to tailor their involvement. A third variation suggests limiting screen time to 7 hours/week, maintaining 7 feet distance, and avoiding screens 7 days before events. All aim to build stronger parent-child bonds through intentional, focused interaction or developmentally appropriate parenting roles.
There are plenty of ways for younger kids to make money, including cleaning the house or yard, selling lemonade and other items, or helping neighbors. Teenagers can make money by pet sitting, dog walking, tutoring, babysitting, refereeing, lifeguarding or getting a seasonal job.
Ages 11-13: Pre-teens begin to want more independence, especially with school lunches, outings with friends, or saving for games. Average pocket money rises to £7-£9 per week. Some families increase it monthly rather than weekly at this point, encouraging children to budget for longer periods.
The 50/30/20 rule is a straightforward way to divide your income into three main categories: 50% for needs (things you absolutely must pay for) 30% for wants (things you enjoy but don't necessarily need) 20% for savings and debt repayment (your future financial security)
The 50/30/20 rule in Australia is a simple budgeting guideline that suggests allocating 50% of your after-tax income to essential living costs (needs), 30% to lifestyle expenses (wants), and 20% to savings and debt repayment, though many Australians find they need to adjust it due to high living costs, sometimes shifting towards 60/20/20 or similar ratios.
While it's important for children to learn the value of hard work, tying pocket money to chores can create an entitlement mentality and diminish the value of the money earned. It is also true to say that your child may simply choose not to do a chore and give up the money attached to it!
A significant portion of Australians, around 40-45% (over 9 million people), have less than $1,000 in savings, highlighting widespread financial vulnerability due to high living costs, with many living paycheck-to-paycheck and facing major stress from unexpected expenses. This contrasts with median savings figures, where some reports show Australians having tens of thousands saved, though these averages are skewed by "super savers" and exclude superannuation.
But learning how to use money wisely can begin as early as preschool. One simple, hands-on way to help children build smart money habits is the Three Jars Method: Save, Spend, and Share. This easy system gives kids a visual and interactive way to understand the power of choice when it comes to money.
Australian children are being given the best part of $1000 in pocket money every year, but it's not as much as what previous generations were handed. New research from ING shows today's kids receive an average of $750 a year as parents try to instil good saving habits.
Kids age 10 to 12 can:
Clean bathrooms. Clean up after pets. Wash windows. Fold laundry.
Things Every Child Should Do Before They Are 11
10 to 11-year-olds can change their sheets, clean the kitchen or bathrooms, and do yard work. Those 12 and above can wash the car and help out with younger siblings. Teens can help with grocery shopping and running errands.
At what age should pocket money stop? As with a starting age, there is no set age at which to stop giving children pocket money – it'll vary on a few different factors including their earning potential and your financial situation.
Average allowance for kids and teens
Here are some general guidelines: Ages 6 - 9: $5-$8 per week. Ages 10-12: $9-$12 per week. Ages 13-17: $12-$28 per week.
Set clear rules about what the money can be used for. This will help your children stay within budget and not spend impulsively. Help your children to save their money. This can teach them the value of delayed gratification and how to save for a specific goal.
10 best jobs for 10-year-olds
To make $500 as a kid, combine reliable services like babysitting, pet-sitting, and yard work (mowing, raking) for neighbors with selling items like crafts, baked goods, or old belongings online or at local events, plus exploring online tasks (surveys, streaming), and you can reach your goal through consistent effort, starting small and asking for referrals.