If you’re considering whether giving your kids pocket money will be beneficial or spoil them, you should read this article. Giving kids pocket money actually teaches them about financial responsibility while building their confidence. It helps that to attach value to money at a young age. You should give your kids pocket money because:
It shows them that that money is valuable
Money cannot buy love, but it sure can pay the rent and buy clothes. Giving your child pocket money teaches him the value of money. You don’t have to make it a transactional affair; you can offer the child a small sum for completing a chore. You can also opt for a weekly or monthly allowance.
It promotes goal setting and independence
Pocket money allows kids to be independent. They can understand how saving favors them and other valuable lessons about saving, working toward a goal and spending.
It teaches them a real-world skill for a lifetime
Kids can learn to be financially responsible and independent when they handle money at an early age. As a parent, you can also lead by example. Teach her about money, and let her make small monetary choices. Your actions influence the kids, and you can raise a mindful consumer, investor, saver and even a giver for the future.