Pocket money is a surprisingly polarizing subject. Should pocket money be given to children or not? Some parents use pocket money as a reward to children for good behaviour or school performance. Some parents believe that children should earn pocket money by doing chores. But the widely accepted opinion is that the rationale for giving pocket money is to teach children how to spend wisely , save consistently and understand financial realities. The controversy continues.
Pocket money given to children on account of utility and not as a means to compensate for parents inadequacy in areas of their lives is quite okay. In fact, by doing so parents are introducing the children to the practical world where 'having' and 'not-having' matters a lot. In addition to this, the children also get an idea about 'not-having' for not 'saving'. This prepares them for an important aspect of life. Pocket money, therefore, given in moderation can be quite 'rewarding' in the days to come.
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Children must be given pocket money. The quantum can be decided by the parents as per his/her age and requirements. Children should learn to use money judiciously and it is possible when they know that the money being used belongs to them. The parents can, however, monitor for sometime till they feel that children can take a right decision in this regard. The concepts of value of money, price rise and savings etc. can be easily learnt by children once they are involved in it.
Parents need to understand the requirement of the children and accordingly pay the pocket money. Parents should not demonstrate their richness by paying huge money to their children as pocket money. Children should be taught the importance money and they should spend money lavishly just because their parents can afford it.
With Regards and Best wishes,
"There is no substitute for hard work"
-Thomas Alva Edison
I personally feel that when the parents are meeting all the needs of their children and are getting everything for their children, whatever the child wants, then there is no question of pocket money at all. It is applicable for those who parents who keep on refusing their child's wants which later turn to demands. So that pocket money can be used by the child for making purchases according to his / her wants. When the parents are purchasing whatever the child asks for, then I am sure such a child will neither ask for pocket money nor will feel it necessary to have pocket money. As every coin has two sides, so also there are some disadvantages of giving pocket money to the children. As this might increase the freedom of purchase in the child and might lead to developing bad habits in the child. So, when the child is given pocket money, parents should always have a good, healthy and friendly rapport with their children and should know the details of expenditure the child has made so that parents can guide their wards in the right path and save him / her from developing bad habits in future.
Thanks & Regards
Giving pocket money to children is not bad because children also need money. They also have some desire and to fulfill them they need money but parents should track that where they are spending the money so that they will not use it in bad things. I heard that children are taking drugs etc by their pocket money so parents aware of these things. Nothing else.
Value has value only if it's value is valued
Pocket money has both its good and bad effects. Given in excess it leads to wasteful spending by the children. The children may entertain their friend offering eatables from wayside shops which are not healthy at all. It may make the children go for movies and use internet cafes and result in untoward activities by them. If given, it should be within the reasonable limits. The children should not feel bad or hurt when their classmates have some money with them and they don't have. The small amounts given to them will make them to spend it judiciously. When you give it, ask them politely and diplomatically how they utilised the pocket money given to them. Don't be harsh on them if they have not spend it for good purpose. But instead guide them politely the effects of spending on unnecessary things. Appreciate their spending for good purposes.
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