What a £4.79 tooth can teach our little ones about money

The latest Annual Pocket Money Index has landed, and if you’re a parent, grandparent or anyone who’s ever played the role of the Tooth Fairy, you might be interested to know that the going rate for a tooth is now £4.79. Yes, really.

Children aged 6–17 are also earning an average of £9.74 per week in pocket money, with mowing the lawn topping the chore chart at £3.52 per job, twelve times more than making the bed at just £0.28. Car washing follows closely at £3.36, then window cleaning (£1.65), gardening (£1.38) and dog walking (£1.15).

As someone who spent years teaching primary-aged children before moving into financial services, this annual index gets me thinking about how early experiences with money shape children’s confidence and attitudes for life.

Where financial literacy begins

Primary schools do a brilliant job introducing children to the basics of money within an already full and varied curriculum. Often, these topics appear in short units across the year, giving children an initial understanding of coins, notes, value and simple budgeting.

But like any skill, confidence grows through repetition and real-life experience. That’s where home becomes a powerful extension of what children learn in school.

When money lessons are woven naturally into everyday life, children connect classroom learning with the world around them, building familiarity and confidence over time.

Everyday spending is a learning opportunity

When I taught money topics, I’d always encourage families to involve children in real-life scenarios:

• Popping to the shops? Let them help compare prices, tot up totals, or spot deals.
• Ordering a takeaway? Talk through the budget together.
• Paying at the till? Let them hand over coins, notes or let them scan your loyalty card for discounts- they’ll love seeing the total reduce!

In a world where physical money is becoming less visible, these small interactions help children connect the dots between the numbers they see, and the value those numbers represent. Tapping a contactless card is convenient, but without context, it makes money even more abstract.

I’ve watched countless children become utterly absorbed simply by playing with coins; sorting them, exploring their shapes, noticing the numbers, and eventually counting them. The best part of this is they don’t even realise they’re learning! Crucially, they’re building confidence, independence and a sense of responsibility along the way.

Financial confidence

We know that financial confidence doesn’t suddenly appear at 18 when a young adult opens their first bank account. It’s built slowly, through tiny interactions, long before they understand what the terms “interest rates” or “budgeting” mean.

At Realise Wealth Management, we often talk to parents about how to set their children up for financial wellbeing. And the truth is, it starts much earlier than most people think, with curiosity, conversation, and hands-on experiences.

Pocket money, chores, pretend shops, saving for a toy; these are the building blocks.

Whether your child earns £0.28 for making their bed or £3.52 for mowing the lawn, the amount matters far less than the learning behind it. If we can help children feel confident, capable and positive about money from a young age, we’re giving them a gift far more valuable than pocket money itself.

I’m considering putting together some simple, practical resources to help families build children’s money skills at home. If that’s something you’d find useful, I’d love to hear from you in the comments.