Would you give pocket money to your child?
Would you give pocket money to your child?
It is a changed world but still some things and some practices never change. One of such practices is giving pocket money to children. There are many people who think that just because people’s living conditions have improved, therefore, the trend of pocket money has started. It is a myth and completely baseless. Even parents from poor background give some form of pocket money to their children. So what do you think? Do you agree with the concept of giving pocket money to your child or you are against the notion?
Yes
• When children get pocket money, they don’t have to look out at their parents for small little purchases. They can buy the things as per their convenience.
• Pocket money provides financial freedom to the children where they understand the real value of money and equivalent exchange.
• Pocket money not only supports the expenses of children but also induces a feeling of savings in young age.
• It is a busy world where parents don’t have enough time for children. Giving pocket money buys them some time for themselves.
• Pocket money makes children responsible as they have to set the budget and then decide what they want to do with that money. They experience satisfaction and pride when they use it rationally.
No
• Children don’t have the maturity to use money judiciously and therefore, they end up buying things they don’t need.
• Children don’t share the details of their purchases with parents and can sometimes end up buying things that are not suitable for young age like adult magazines, cigarettes or drugs.
• Pocket money is the easiest way to make the children’s nature extravagant which is tough to go as the time progresses.
• Children tend to forget the value of parent’s time and other relations and consider money as the top priority.
• Sometimes pocket money can attract unnecessary trouble for kids like attention of illegal elements, bullying cases of senior students and likewise.
Conclusion
Giving limited amount of money to children as pocket money is not wrong. However, parents should keep some check on their children as to how they use their pocket money. They don’t need to cross check every little purchase but should definitely keep a check on one time expensive purchase or repeated demand of more money. Once they have taught basic principles to children, they can provide them with complete freedom. After all pocket money is the first step towards financial learning!
Discussion
- RE: Would you give pocket money to your child? -mounika rayaprolu (03/09/15)
- hello everyone let me tell you a small example before entering into the actual topic. now-a-days driving a vehicle has became the common and utmost need for every individual irrespective of their age. we can't say that if a particular child learns driving there might be a chance to go to other places and hence he should be avoided. when the same thing is compared with the issue of giving pocket money to children there is no fault in it
as pocket money is given up to a certain period of time i:e; for every 1 week or 1 month the child tries to fulfill all his needs only in that particular amount of money given. thereby he learns what is essential for him and what is not and also money management. but parents have to keep an eye on the child how is spending the money. up to some extent if proper care of parents has involved giving pocket money to children causes no harm. - RE: Would you give pocket money to your child? -dhillon (03/06/15)
- Giving pocket money to children is not as bad as it is criticised..yes it does require some age after which children can b given n some limits on how much amount to give...children are gettng smarter these days n therefore it becomes d responsibility of parents to make them smart and wise in financial terms too....parents should keep an eye ovr children n shud b aware of their spendings...little care at young age make children mature for lifetime...moreovr the habit of savings can b inculcated only after a child starts doing it with his own hands....today people r gttng materialistic n obssessed of money only...if a children would get to know that money z a source of nly buying things and not happiness he would not turn materialistic..n atlast wen a child will have some money in hand may b rs 10 then it will give him a sense of responsibility...so in a nutshell giving pocket money is not bad but nly needs a proper check by parents.
- RE: Would you give pocket money to your child? -Mohan (03/05/15)
- No,definitely not.limited amount of money can be given to children's that depends on the requirement. but giving pocket money to children's whenever they needed without asking anything is not good to parents. parents needs to cross check. pocket money leads to misbehavior, bad company ,children's will not understand the value of money, the pain of the parents,where does the money comes from,u know all these things are very important. children's will spend money the way they want. the best thing is parents needs to spend time with children in spite of busy schedule .they should talk to the children's about the value of money , your work. try to go with the children's to the shop and buy it whatever they wish.
- RE: Would you give pocket money to your child? -Pintu sharma (09/14/14)
- According to me all paranet pocket monay give all childrain because childrain our daliy spends monay and some pramary need itself fail
- RE: Would you give pocket money to your child? -shruti shrabya (09/13/14)
- Pocket money should be given to children to some extent or say according to their age.
This helps the children to understand financially.
They come to know about expenses.
Pocket money helps to gain knowledge about money.
But from children's side it should be expend in usefully.
- RE: Would you give pocket money to your child? -Deepa Kaushik (09/10/14)
- Giving pocket money has been a trend after the parents have started to lack time for their kids. The concept of pocket money is justified by various reasons like it teaches the control of expenses and saving strategy since childhood. If we closely analyse, only few serious and sincere kids follow on these grounds.
Majority children find having pocket money to be their liberty. The parents don't even care to question their kids for the purchase or the requirement to spend the money. This lleniency has given rise to ovee-smartness amongst the kids, who get into bad practises and unhealthy lifestyle.
Children who don't get pocket money enjoy the same rights with confidence and dignity. Their life remains a open book without any secrets to hide from parents. Asking parents for the requirements is not a shameful act. Every parent earn for the well-being and satisfactory lifeof their children. Parents always fulfil the genuine needs of their kids. And children learn to be patientto receive their desires.
Thus, precisely speaking, giving pocket money is more harm than good to the children which should be avoided.
