We give our kids silver dollars from the tooth fairy. I heard a cool quote: chilren who have everything value nothing. I would agree. We haven't yet given our kids allowances. My motto: if you're part of a family, everyone helps. So our 7 1/2 yo & 4 yo shower themselves now, dress themselves, brush their teeth, make their beds, put dirty clothes in bins, clear the table as they can, clean up toys & bedroom as they can, etc.... all with the help of blackmail or bribery. It's called leverage. For example, if you make your beds & put your clean clothes on the bed, you can swim in the pool (10 ft. inflatable pool). If you go to bed on time, you can have a treat after you eat your dinner (the next night). If you horse around at bedtime, you can have a time out. If you choose to throw a tantrum, we cannot read a book at bedtime. BE FAIR & CONSISTENT is the magic trick.
With re: allowances, I personally don't agree. Why: I don't think chores should equate to money. Why: because in real life, you don't always get paid for all your tasks. My husband disagrees with me. So we think as the kids get older, they might get an allowance for harder chores. And some chores they'll have to do just because. But for now, nothing.
With re: fiscal responsibility, we started them young. I would explain when we would shop for clothes, we should look for certain prices. Why: the money we save can go to the swing set, a new bike, or going out to eat. I had to clarify myself once. The older one thought we "never" had enough money. So I told her that was not true. We were just trying to save the money for other things, like B-day parties, bikes, pools, etc. I would try to make it positive so she doesn't feel like she's missing anything. I found that adults who felt that they missed out in their childhood (material wise) feel like they need to make up for that in their adult life. So we try to fulfill our kids with quality time, laughter, & the simple things in life. It's cheesy, but our kids seem to be unaware that they don't have all the toys other kids have. And they seem just fine. Back to that quote: children who have everything value nothing. Hope that helps. Good luck! Do what works for you. And if something doesn't work, change it. Don't sweat it. :)