It's really debatable whether pocket money should or should not be given to children.
But, I've listed below some of the reasons why pocket money should not be given to children.
Why you shouldn't give your child pocket money
- Because with pocket money they may not learn the value of money. I think this applies especially to younger children, who may not appreciate what they have if money is freely gifted to them
- Pocket money does not teach children to associate work with money, and encourages them to be financially dependent on their parents
- When a child has an allowance they have more freedom to purchase items without a parent's approval. This may leads to impulsive or expensive purchases
- There is no incentive for an older child to make the move to earning their own money. It will also be be more of a challenge for them when they have to become financially independent.
- Often because of the easy and regular access to money that pocket money provides, many children take money for granted, and many children do lot learn how to properly manage their money.
- It's an additional bill for the parents
I don't think it is a simple yes or no answer. Whether you give your child pocket money should dependent on your own parenting as well as your child's attitude and maturity. There are some cons to not giving pocket money too, which can also have a negative impact on your child.
I personally didn't get pocket money, but as a way to make have money I would save up my dinner money, and use that as pocket money instead of eating! On the other hand I did have an incentive to work doing chores for my family, and get a part time job at a young age.
There are also pros to giving pocket money. It gives your child an element of financial freedom to enjoy doing things with their friends. Pocket money gives them experience of handling money, and many children learn to manage finances as a result of having it.
You also may not have to buy your child as much, as they can be encouraged to use and save their pocket money to buy things. It also teaches them the lesson that 'when it's gone, its' gone'.
Either way, don't feel pressured by your child, instead make your decision based on what you think is best for both you and your child within your current circumstances.
