From around the age of 6, children start learning basic maths at school. According to Nibud, this is also the ideal time to start giving pocket money.
Pocket money is learning money. Making mistakes is part of the process — and that’s okay. Allow children (within reason) to decide for themselves how they spend their money. That’s not always easy. After all, what if your child wants to spend all their pocket money on sweets?
By making clear agreements in advance, you can avoid many discussions. For example on how much pocket money your child receives and what they can and cannot buy with it.
Do you notice that your child mainly saves their pocket money? Encourage them to occasionally spend some of it as well. Does your child spend their money quickly? Then “empty means empty” is an important lesson too.
"},"textLinks":[{"url":"/en/personal/children/theme/pocket-money","text":"Read more about pocket money"}]},{"componentType":"sectionTitle","title":"Teach your child to save"},{"componentType":"paragraph","richBody":{"value":"From the moment your child receives their first pocket money, you can teach them to set part of it aside. From around the age of 8, children are able to understand that saving is needed for larger purchases (source: Nibud).
Saving becomes easier — and more fun! — when there is a clear goal. So:
Your child can use a piggy bank and a Savings account. With this account, your child can create up to 10 different savings goals. Keeping money in separate “jars” reduces the temptation to spend it. It also creates clarity and motivation. If you open a Child account or Youth account, your child automatically receives a free Savings account.
"}},{"componentType":"sectionTitle","title":"Practise using a debit card"},{"componentType":"paragraph","richBody":{"value":"At secondary school, children often pay almost exclusively with a debit card. By practising regularly in advance, you prepare your child well. You can start as early as age 6.
First, demonstrate how it works and explain what you’re doing. Then let your child try it themselves.
To learn how to manage money, it’s important for children to be able to track it. Cash is tangible: when they pay with it, they can immediately see how much they have left.
Do you transfer pocket money to a Child Account or Youth Account? Through your own app or My ING, you can view your child’s account. Let your child regularly look along with you. How much money is on the account? How much remains after a purchase? Do all debits and credits make sense?
From age 8, you can give your child access to the ING App.
"}},{"componentType":"sectionTitle","title":"Pay extra attention to safety"},{"componentType":"paragraph","richBody":{"value":"Does your child have their own account? Teach them to handle it responsibly. For example, explain that codes (PINs and login details) should always remain secret and that the debit card must never be lent to others. Show how to pay safely and regularly check account activity together via the app or My ING.
Good to know: you can also set limits for your child, such as a daily spending limit. If you set this to €10, your child cannot spend more than €10 per day with the card.