(MONEY Magazine) – You should start teaching kids the value of money by the age of seven, say respondents to our August poll. But no matter how dutifully you do so, peer pressure may still lead the children astray. The poll asked: "What would you teach kids about money?" The most important lesson, according to 68% of the more than 2,000 readers who answered, is "to spend it responsibly." A full 66% would start the schooling early, giving kids allowances by seven, and more than half would tie the money to the performance of household chores, even at that young age. Additionally, 66% would teach the importance of saving to kids ages seven and under, and 65% would encourage children to make charitable contributions out of their allowances and savings. For all the good influences, however, it is peer pressure, say 55%, that exerts the most power over kids' spending patterns. And peer pressure, more than any other force, also hinders kids from developing good spending habits. The full results of the poll, reported below, were based on a statistically valid representative sample of all responses. Not all participants answered every question, so total percentages do not always equal 100.

ALLOWANCES At what age should kids start receiving an allowance? The highest number, 52%, said between five and seven; 21% said seven to nine; 14% thought allowances should start when kids are younger than five, and 9% when they are older than nine. A curmudgeonly 3% said: "Never." Asked whether allowances should be tied to doing household chores, 60% said yes, at all ages; 33% said never; 3% said yes, but only for children under 12; 3% said yes, but only after 12. If an allowance isn't tied to household duties, should kids get additional money for performing chores, including babysitting for younger siblings? The answer from 40% was yes, at all ages; 34% said never; 17% said yes, but only after age 12; and 7% said yes, but only before 12. There was good news for scamps and bad news for scholars. Nearly two-thirds of respondents did not approve of withholding an allowance as punishment. Roughly the same number did not believe in rewarding children with money for accomplishments such as good grades. A dominant 65% said kids should be encouraged to make charitable contributions out of their allowances or savings. And 52% thought parents should begin phasing out allowances when kids start earning money from part- time jobs.

SAVINGS When should children begin to learn to save money? The most respondents, 39%, said between the ages of five and seven, and 27% thought it should be before the age of five. Another 21% said between seven and 10; 8% said 10 to 12; and 4% said after 12. William M. Stiles of Alexandria, Va. told us his parents started a savings account for him almost the moment he was born and kept a record of its upward climb in a spiral notebook. They also enclosed a message: "Dear Bill, this program was started for you not only to accumulate a fund for future use, but also to reflect the power of systematic savings, however small. We hope you will follow the pattern it represents. Much love, Dad and Mother." Stiles now has two children of his own, and they too have had savings accounts from birth -- although those records are kept in a home computer.

SPENDING While 55% of respondents said peer pressure most influences kids' spending patterns, 20% pointed to television commercials, 16% to pure impulse and 4% to TV programs. Only 3% thought kids were motivated by genuine need and 1% by a desire to be different. As to influences that most hinder kids from developing good spending habits, 38% blamed peer pressure, and 30% TV commercials; another 22% said it was pure impulse, 7% said TV programs and 1% thought it was a desire to be different. Should parents place any limitations on a child's spending, other than forbidding illegal pursuits? The answer was a resounding yes, at all ages, from 58%. Nearly a quarter of respondents said never and 16% said yes, but only until the age of 12.

RESPONSIBILITY What bills should kids over the age of 16 take substantial responsibility for paying? Given a choice of six items and the option to say yes to as many as they thought were appropriate, poll participants made the following choices: all social expenses (73%); gasoline while using the family car (73%); car purchase and expenses on his or her own car (71%); all personal telephone costs (55%); clothing (30%); college tuition (26%). Finally, when asked to choose the two most important things children must learn about money, readers selected, in order: to spend it responsibly (68%); to earn it ethically (42%); to save it for future goals (42%); to appreciate its value (35%); to share it with people in need (9%).