Definition of pocket money

The term "pocket money" originally emerged in Victorian England in the late 19th century. At that time, parents would give their children a small sum of money, usually in change, to help them meet their daily expenses. The funds were intended to help children buy small necessities like sweets, pencils, and other small items that they could carry in their pockets. The phrase "pocket money" began to be widely used in the early 20th century as transactional banking and financial institutions became more popular. Banks began to offer accounts specifically designed for children, where parents could deposit money and then provide their children with a limited access to it through ATM cards, over the phone or through a mobile app. In time, the term "pocket money" came to include these new, more convenient ways for children to manage their funds. Today, "pocket money" is typically understood to be a regular, weekly or monthly allowance given by parents to help children learn about financial responsibility and independence. It often has specific guidelines about what the money can be used for, such as school supplies or personal spending, helping children to develop good financial habits that will serve them well into adulthood.