Pocket money is an excellent way for parents to educate their kids about the value of cash.
This is according to Liat Hughes Joshi, parenting writer and author of Raising Children: The Primary Years, who noted mums and dads do not have to hand over a big sum for this lesson to work.
She added it is a good idea for kids to get their own cash when they are about six or seven.
"By this stage they've normally built sufficient maths understanding to get what their pocket money is about and to start to manage it themselves," Ms Joshi observed.
The expert went on to note it can act as a great introduction to saving and budgeting for them, two attributes that will stand them in good stead when they are older.
While all parents should give out pocket money to their offspring, they have to decide whether or not it will be handed over automatically or if the children will be made to do chores for it.