Pocket Money and Chores
Manage your child’s pocket money the simple way
- Easily view, manage and track payments in the Westpac App
- Set up one or more payments uniquely labelled with each chore
- Put payments on hold, cancel or amend frequency or amount.
Giving your child pocket money has long-term benefits
Encourages independence
Teaches children how to make decisions about money.
Builds good money habits
Starting early sets a child up for financial success as an adult.
Educational opportunity
Learning the value of money to spend and save responsibly.
Strengthens family ties
Encourages parent/child interaction and empowerment.
Start a conversation with your child today
Topics you might like to cover:
When should you start pocket money?
- Take into consideration your child’s maturity.
How much pocket money should you give?
- Discuss with your child what you want the pocket money to cover.
Will you link pocket money to chores?
- Agree on the value of each chore, including how and when they need to be completed.
How do I set up Pocket Money and Chores?
In the Westpac App
Before trying these instructions make sure you update to the latest version of the app.
- Ensure you have third party access to your child's Westpac Youth account
- Select the account, then go to the Family Hub
- Under Manage Money select Pocket Money and Chores and follow the prompts
- Fill in all the relevant details, like the to and from accounts, the amount, a description, and the frequency, to set up the payment.
Tip: If you're linking pocket money to a chore, you can label the payment with the chore name, set up a repeating series, or make it a one-off. You can also add, amend, copy, cancel, or even put the payment on hold to easily track and manage your child's pocket money payments.
Youth bank accounts for kids
Youth everyday and savings
Fast track their money management skills with an everyday Westpac Choice Youth account while they learn good saving habits with a Bump account.
Youth everyday account
Give them a head start with the simple-to-use Westpac Choice Youth transaction account with no monthly fees and a Debit Mastercard®.
Frequently asked questions
You’ll only be able to set up the Pocket Money and Chores feature if you have third party access to your child’s account. For children under 14 years of age, a parent or guardian will automatically have third party access. For children 14 and over, third party access is optional, as the child has the ability to set up or remove the access.
Helpful tips and lessons for kids and parents
Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
Who can apply for a Debit Mastercard?
For more information about each bank account and the specific product disclosures, please go to Westpac Choice Youth or Westpac Bump savings.
Mastercard® is a registered trademark of Mastercard International Incorporated.