Should Kids Get An Allowance

Piggy Bank The economy is constantly fluctuating, proving that sufficient money management skills are absolutely necessary if a person hopes to live a wealthy life. These habits are developed over time and are learned through trial and error. The importance of earning these skills can easily be implemented at a young age, though the question of how young looms over us. Parents all over the globe are faced with the decision - should children be given an allowance? Children should be given an allowance. To begin, receiving an allowance as a child increases responsibility and forms a much greater sense of control and authority within children. According to the article, “Should Kids Get An Allowance?” by Learning Liftoff, “If children choose to squander their allowance, they’ll learn that running out of cash means they can’t buy other things they want.” This concept enforces good decision making and mental processing. The child is in control of their own finances and will grow to become more financially stable, independent, and responsible. In addition, children learn the importance of saving money when they are given an allowance. As mentioned in “Cooperative Extension: Bringing the University to You” from the University of Nevada, parents have the authority and ability to instruct their children correctly and help

As pointed out by the article “Five Reasons You Should Give Your Kids A Monthly Allowance,” by Vered Deleeuw, children are significantly more reluctant to purchase items when they must use their own money. Objects such as toys and games should come out of the child’s allowances. When the child is conflicted between saving money or purchasing an item independently, they will gain a better sense of the value system. This assists greatly in prioritizing what is required and distinguishing the difference between needs and