Pocket money is a way to teach children about independence and budgeting.
Parents will be keen to show their kids about the value of money and so giving them cash every week provides adults with the platform to do this.
This advance can be conditional, such as in return for completing a series of chores, or a certain amount can be guaranteed every week.
However, whatever option is chosen, parents need to make sure kids learn how to manage their own money as a result.
According to Ray Black, managing director of money-minder.com, all youngsters should know how to look after their finances by the time they reach university.
If they do not, then the bank of mum and dad may be relied upon at a time when it is vital they do not run up long-term debts.
Mr Black added that as money does not grow on trees, kids need to appreciate that they have to be sensible with their cash.