Should children be given pocket money
I think children should be given a basic amount of pocket money & they can then earn more by helping out with household chores i can remember saving up for something every now & then, so it certainly helps with budgeting, planning & discipline not to blow the lot on comic & sweets if you're saving up for a new toy. Pocket money can help teach children from a young age about the value of money and how to look after it a survey by commbank found that almost 80 per cent of parents in australia give their children pocket money for kids aged between 4-6 years the average amount per week is $717 while in the 7-9. Similarly, pocket money itself is neither good nor bad however, how we use it makes it good or bad i strongly believe before giving pocket money to children, we must teach them the value of money along with the wisdom of using it wisely and judiciously.
Children should not be given pocket money because this will increase their demands they will misuse that money and may also go on the wrong path they start spending the money carelessly they should realize the importance of money. Nearly 80% of australian parents give their children pocket money and today's children receive nearly 250% more than their parents did, in real terms (source: 2017 school banking study, commonwealth bank) yet views on how and what children should be paid differ dramatically. Should kids get pocket money, or will an automatic allowance spoil them and if you do choose to give your child a payment per chore, think about splitting up the amount so that it equals $1 a. As families are forced to juggle ever-tightening purse strings with children's growing expectations, the topic of pocket money can be fraught with tension.
Pocket money should be given but the amount should be limited the student should be watched by the parents or guardian to help him/her make the best use of the money he/she has. This week, the simple dollar attempts to address challenging questions in personal finance by looking at both sides of the story and figuring out some of the factors you need to look at to make a decision as my son approaches an age where he starts to really understand money (he already is. To my mind parents should give their children pocket money and do not care how do they spend it (of course it is not about drugs and alcohol) i am sure that sensible spending of it teaches them a lot.
Teaching kids about money: should children get pocket money vote and tell us more on how when, how, or why do you think children should be given pocket money if you change your mind, you can change your vote simply by clicking on another option. For 1 children should be given pocket moneyand as a parent teach them moral values according to my personal experience, the more you restrict your children more they demand for it. Children should be given the opportunity to earn pocket money starting around age 5 a simple chore or two with a small reward such as a dollar in our family, the pay is then divided up into savings, giving, and spending. One method to solve this contradiction is to give children some pocket money pocket money is useful to children but whether the children are considerable enough to make correct use of these money there are two viewpoints about the pocket money some people think that giving children pocket money will make them become luxurious. Kids these days are so much more knowledgeable about money than most of us were when we were young they also seem to need more cash in the form of school pocket money than we ever got as kids – for a variety of things, ranging from snacks to books.
Should children be given pocket money
Some parents believe that pocket money should not be given since that will make the child feel that ‘parents money is not his/her money’, it could lead to unhealthy competition amongst children on the amount of pocket money they get, and they will loss of control on where children spend the money. Nowadays it has become a practice or tradition to give too much pocket money to young children it is a harmful practice as it inculcates extravagance in children. It is no harm to give the pocket-money, but the parents need to keep a close watch on their children as to how their kids utilize the cash in their hands many a parents who favour giving pocket expenses to their children, fail to watch their kids for their expenses. Should you give your children pocket money it is important that when you do give pocket money that you stick to the agreed amount and don’t hand out extra money throughout the week this will help the child to budget and manage what they spend although it may be hard to refuse to give them more money, leaving them to do without.
- Hence, my children's pocket money is not based on them being good, which is in any case too difficult to interpret and unachievable for most normal children all day, every day for a full week.
- Well, i think parents should give to their children a sufficient enough amount of pocket money each month it teaches them many important skills like living within a budget, basics of planning one's finances, importance of money and a certain degree of discipline one must maintain while dealing with money.
- Parents should certainly give their children pocket money but at certain age when a child attends the age of 18,he is said to be an adulthe can take right decisions that timehe is capable enough to understand the value of money.
The children who are given pocket money stop valuing it and sometimes fight with their parents to get money, they also spend money for fame and wealth they buy useless things- junk food, violent video games, inappropriate books, these affect the child's brain, time and health. I don’t see a reason nor a necessity why pocket money should be given to the kids according to me it is not a good practice and as long as you are not financially independent, i would prefer kids let the parent know for what they need money and take it from them. As a parent, you give pocket money to your child with intentions of making him wise and responsible with money but, giving money to children from a young age can have a negative effect on their demeanour. Kids need to be above a certain age to understand concepts of math, old enough to do small jobs to earn pocket money and should have the maturity to comprehend the concept of earning money.