Friday, June 12, 2015

Do Kids Really Need an Allowance?

Whether or not you should give your child an allowance is a very personal decision to make. Many parents feel having their own money teaches children to be more responsible, while others say they just waste it. Some parents give their child a set amount each week, regardless of whether it was “earned” or not. Here is what parenting experts offer as advice.

Different Approaches

When considering allowances, most families fall into one of the three groups. The first group gives a set amount each week, but the child has no responsibility to complete any chores. The money is theirs to spend as they wish. The second group does not give any allowance at all and believes everyone should complete chores because it is good for the family if they all work together. The last group gives a certain amount a week, but the child has a list of chores that must be done to receive the money. They can also earn extra for doing other chores.

How Each Works

Children of the first group, who receive money for doing nothing, often grow up to be adults who assume they are entitled to whatever they want with little regards to the effort they make. They have grown up knowing that money always shows up at the end of the week and they still expect to be given something for nothing.

This is not the type of employee most places want to hire. Employers are looking for people who understand if they work hard and put in that extra effort, they can earn bonuses or other perks.

In the second group, children grow up believing that because they are part of the group, whether it is an employer or their own family, they deserve a part of everything that group owns. No employer wants to hire a person who thinks they deserve a raise just because they bothered to come to work and they put no effort into their job.

Children in the last group become the most responsible adults. They understand that money is limited and that if they work hard, they can earn more. They put forth more effort in their jobs because they understand that people who work hard can get ahead. They grew up saving their money for what they wanted and doing extra chores to earn money faster for items they wanted. Children who work hard to earn allowances understand if they want to get a better grade, they need to talk to their teacher about how to study or what extra work they can do.

Children in this last group grow into adults that employers want to hire. These children have been taught that effort is rewarded and nothing is free. They show up for work on time and make a valuable effort every day. Their paycheck and other perks are their reward.

What to do about a child’s allowance can be hard to decide. Some parents simply don’t want to spend the necessary time teaching their child the chores they need to do to earn their allowances, while others want their kids to be carefree as long as possible. Still other parents want to be their child’s “friend” and let them do whatever they want. You will have to decide how to teach your children to be the type of adult you want them to be.