Children should have pocket money !!!

@dandan07 (1908)
China
April 13, 2012 7:06pm CST
When I was a little child, my parents do not give me pocket money for they thought i can not make good use of the money. I had pocket money in hand when i was middle school student, for at that time, my school was far away from home and i have to have some money to pay the transportation fee. In that case, my parents would give me a little more than the transportation fee, so that i can have the money to call them when i meet trouble. But I always used it to buy some snacks and ice cream,and my mother thought I wasted money in that way. Now i think many children should have their pocket money. Now many parents work later than 20 years ago. So the family may have their dinner at 8 or even 9 o'clock in the evening. To the children, they usually have their lunch in the school at 11 or 12 in the noon. So it is really hard for them have nothing until the dinner, to buy some snacks or food is necessary in their age. I think to parents now do not give them pocket money is not a good way to help them form good habit, but a way to abuse them. What is your opinion on it?
3 people like this
16 responses
@doroffee (4230)
• Hungary
14 Apr 12
I'm all for pocket money for children... well, not for all, I mean, it's kind of silly to give money to a 6-year old, but 11-12 year olds should have a small amount of money, so they could learn how to manage it. I know from my own experience that... well, I didn't have any pocket money, and my parents didn't buy everything for me that I wanted... so when I got a bigger (I mean, really bigger) amount of money for an occasion (I was 18 then), I blew it all in a year. They can learn that if they spend their money on sweets, little unusable gizmos or the latest crazes, they are not going to be able to buy a bigger thing (like a laptop, an iPod or a bicycle), if they don't save the money for it. Also, 11-12 year olds start to spend some time with their friends, too, and they need some money to go to the cinema, have an ice-cream and stuff. And of course, just in case something happens (they get lost, the parent can't go fetch them from school), they need money for a bus ticket... or if the parent works overtime, yes, the need some money for something to eat. I wouldn't go too crazy with the amount I give them, when I have kids :).
1 person likes this
@alphenor (687)
• Philippines
14 Apr 12
Buying stuffs like laptops or iPods or anything that is currently popular is still irresponsible spending. You don't really need these stuff. Prioritize needs first before wants. In our country, kids of age 11-12 don't go to the cinema. They have ice cream and stuff but not cinema. Maybe because cinema is costly or a not so safe place for kids since it's dark.
1 person likes this
@HomeBase (1054)
• United States
14 Apr 12
doroffee, I agree with you about kids needing pocket money. It is VERY important to have so that they can learn how to manage it. Parents really need to step-up and teach kids on a DAILY basis how to deal with money, because, although money isn't everything, it is MOST of everything, especially if you do not HAVE any. If one has NO money, they will find out quickly what a huge role money plays in this society. One cannot even use the restroom in proper fashion without money. Toilet paper, soap, water...all of those things that we sometimes take for granted cost MONEY. I, too, inherited a lot of money a few years ago, 6 figures, and blew through it in about 5 months. I had no real experience in managing money. I thought I did, but I did NOT. Money was not discussed when I was a child, my parents gave me very little money and did not teach me how to budget any of it.
@dandan07 (1908)
• China
26 Aug 12
Before giving children the pocket money, to teach them how to manage it is a very important task for parents. The skill of managing money is esscential for leading a comfortable life. So it is a very important chance for parents to pass down their financial skills to their children, also a very important skill for children for their future life.
@Extourmed (191)
• Bulgaria
14 Apr 12
In my opinion children should get pocket money when they show the responsibility to handle it. Even when they do at first it should be a small amount such as $5.00 a week. It should also have the condition that once they have so much in their wallet 80% should be put in to a savings account. So they learn how to save money in a bank to help them learn about the banking system. Children need to start to learn the value of money from a very early age as they will need to know how to save and how to say no to things they want compared to things that they actually need. They can earn the money by doing chores around the house etc. To learn these invalueable traits at such a youthful age is magnificent. A few dollars a week should suffice. I don't think a child should be deprived of money. Hope I was helpful. Wish you the best!
1 person likes this
@tashh23 (115)
18 Apr 12
I strongly, strongly believe with @extourmed!! Children do need to learn from a young age the values of earning, saving, spending and using money. Also as mentioned in the previous comment, children need to learn the difference between what they need and what they want so that when they're given the responsibility and have their own money they can make good decisions. It'd be like giving your child 5 dollars and telling them to go to the store and get some bread. When the child gets to the store, they may be tempted to buy something else instead, but if they've been taught about necessities over what you want, they'd make the right decision! When I was younger (before my two youngest sisters were born), my mom had set up a little strategy to teach my two brothers and I some responsibility. My mom made a chart up with our names on the top, and different chores we could do around the house for that week/day. If we completed the chore, we would get a star on the chart showing that we've done it. At the end of the week, whoever had all the stars on the chart showing they've completed their chores, would get a "prize". We never got money for it at that time, we'd get toys and different little things, like a toy bowling set (with pins and a ball) and different little things like that. Although it wasn't money, (when we got older we'd do different chores to earn money), the idea of motivating us to help out around the house, and being taught that you will get rewarded for being responsible/doing good things at a young age are always good qualities to have!
@tashh23 (115)
18 Apr 12
I strongly, strongly AGREE * with @extourmed *** Sorry for the typo! I meant strongly agree, not strongly believe ....!!! *
@lowyder (282)
• Canada
14 Apr 12
i had to make my own money in school when i moved into my moms from my g ma house she gave me money later on in grades .. i used to go to store n buy suckers and sell them at schooll i also did things like made duct tape wallets it acctuallly mad me decent pocket money through middle grads and was pretty funny n fun to do lol i think kids should havr prepartion besides school like real world money and job sceniros cause what teach in school is not real world 5% is wat u need to no rest is hitory n math bs along with fillers to make classe work!!77 bbest luck low
1 person likes this
@tashh23 (115)
18 Apr 12
I also had to do similar things as @lowyder has done in school to get some extra money. My grandfather would drive me to a local convenience store where I would buy candies and little things and I would sell them to other kids on the school bus to hardly make 50 cents to a dollar lol. Thinking back, it's cute how some children are so determined to make their own money at such a young age whether it's to help their parents out, or just to make some extra for themselves so they could buy a snack at school. I think it's natural for parents to think their children are gonna "waste" their money but, they're children..What else do you think they'll spend their money on!! They don't have bills or very many responsibilities (which they should enjoy that while it lasts) so spending a couple dollars on a toy or a snack isn't really putting the money to waste when your a child. I don't believe children should be given an insane amount of money to spend on their own or anything, that's what makes a child spoiled, but, when you're a kid, having that couple dollars to go to the store with is what makes your day that much better. A kid likes to have a choice sometimes as well.
@lady1993 (19954)
• Philippines
17 Apr 12
I think parents should give their children pocket money just in case- but not too much ,just enough for snacks and fare to get home in case of emergency. But parents have to discipline their kids about how to spend money first..
1 person likes this
@schulzie (4064)
• United States
14 Apr 12
I think all kids should have a piggy bank to accrue their money in. It is nice for kids to have a quarter or two in their pockets when they are younger so that if they are at the mall or something then they can get a bubble gum or something. That is nice to have. Otherwise I think they should ask for something if they want it. Have a great day and happy myLotting!!!
• India
14 Apr 12
I am very much in support for giving pocket money to children.It gives them the sense of responsibility, they learn to manage things, they learn to value the importance of money and how hard it is to earn money.. But parents should also explain the children about right use of their pocket money, they may also ask them for expense details of their pocket money if parents suspect the child of misusing the money... It also helps to build the trust level between parent-child.
• Philippines
14 Apr 12
I think children should be taught how to save money... the more you keep money from them, the more they keep on getting it spent once they get it.. so i think children should have pocket money... with proper guidance of course
1 person likes this
@cutepenguin (6457)
• Canada
14 Apr 12
I don't plan for my son to have pocket money to buy junk food or snacks. He can pack snacks in his bag to take and eat. He can have pocket money to save up and buy toys but he probably won't carry it around with him. For transportation, while he is younger we'll drive him or bike with him. When he is older he can bike by himself or we will get him a bus pass.
1 person likes this
@r0ck_r0ck (1953)
• India
14 Apr 12
I believe decent amount of freedom should be given to children be it financial or decision making-wise because these are important things to learn for them. You cant just protect them for your whole life, there comes a time when you have to let go and let him/her understand the world, make mistakes, learn from them and move on to be an independent human being! So yah i believe kids now days should get pocket monies, if they are wasting it, let them and hopefully soon enough they would realize that they are actually wasting the monies which they could save for better use.
@preethaanju (3000)
• India
14 Apr 12
Yes children can have pocket money but only just enough for the day. These pocket money are meant to serve a purpose and not purely for entertainment. Since children are out of the reach of parents while in school, they need to have some financial security in times of unexpected emergencies.Giving pocket money serves such a purpose. But today pocket money has become such a big money that children use it for all bad things and get spoilt.
1 person likes this
@kaypow (69)
• Canada
14 Apr 12
Hi, dandan, Let me depart from the general path of this conversation and say that I am against allowances for children. As a child, I was never given an allowance, and I don't think I've suffered at all because of it. There are other ways for children to learn about the importance of being careful with money than by having real money of their own to save. It is very easy for a parent to take his or her child grocery shopping, for example, and to get the child to help choose between products based on price and quantity. My mother has done an excellent job teaching me that, for example, brand name products are not always better and that saving on a large quantity of something is not necessarily a deal in the long run. An allowance of actual money was never required for this--it is simple enough for a child to grasp that if he or she purchases the cheaper item, he or she can have more of it or can afford something else. In addition, getting children to help with the grocery shopping is a good way to teach them about practical uses for basic mental math--it's a two-birds-with-one-stone situation. Teaching children to be smart shoppers is, I believe, much more important than just teaching them to stockpile their money for a rainy day, because it is necessary to spend money on everyday things, and so children ought to be taught to be smart and frugal, not just to save. Additionally, I do not believe in giving children money in exchange for chores or good grades. It is important for children to learn that sometimes, they must do things without getting an immediate reward, because it is the right thing to do. Children should be made to understand that it is important for them to help out around the house because they are lucky to be able to have a roof over their heads and food to eat, unlike a huge number of other children around the world, and this is their "reward" for helping out. Good grades will lead to a better future, and children should understand that they are lucky to be able to go to school at all. As a child, I was treated to a meal from a restaurant when I got a good report card, but this was not expected, and I never strove for good grades simply to get it. Giving children money for simple things like housework and homework nurtures the self-entitled, "What's in it for me?" attitude that runs rampant among young people today. In all, I don't believe that it is necessary for children to have an allowance in order to understand important things about money. Yes, instruction by the parents is required in order to ensure that the child grasps important concepts, but giving the child actual money is not an integral part of his or her education.
1 person likes this
@HomeBase (1054)
• United States
14 Apr 12
YES, yes, yes, children should have pocket money!! I think parents should start out GIVING children money when the children are at a very young age, so as to familiarize them with money. Then as the children get older, parents can have the children do chores so that the children can learn about EARNING money. I speak from experience. I learned the HARD way. Because of my parents' strong work ethic and financial savvy, I grew up pretty well to do, but I was never taught about money. THEY were adults and therefore worked at jobs for their money, I on the other hand was a child, unable to work for money so I did not have any. I just had the THINGS that they gave me, but no money. I think my parents thought that I would just inherit their savvy ways by watching THEM work and take care of THEIR money, but it did not work out that way for me. I did NOT acquire the knowledge that I needed to "take things over." I inherited a great DEAL of money, and ran though it like water, in 5 months. I was so embarrassed after I had spent and mismanaged all of that money, but I had no earlier training in how to REALLY deal with money. I thought I knew, but I did NOT know. Just because one buys and spends on a daily basis on everyday transactions does NOT make one a good money manager. Money is a necessity. If you are going to LIVE in this society, you NEED money. Children need to learn at a very young age how to be comfortable with and MANAGE their money. They have to be TAUGHT this, the way that one is taught any other subject, but with money even MORE so, because money plays a HUGE part in everyday life. You don't have it, you don't survive, PERIOD. There are a lot of households these days where children are left at home alone. In a perfect world this would not be the case, but we do NOT live in a perfect world. In a private school my son used to attend, and in MOST private schools for that matter, schools stay open late (until 6PM), so that kids can stay at the school while their parents work. In a lot of public schools, schools close a lot earlier than 6 o'clock and kids with working parents may have to go home to an empty house, especially if the parent has no one available to watch their child/children on a daily basis. It would be good if the parents have some snack foods in the house for the children to eat when the child gets home from school, while the parent is still at work. It is good for kids to have money whether they need it for food or not. Money is a must have. Money is a defense, it can help you in many, many ways, and kids need to know how to manage it because they are going to have to deal with it for the entire time they are on Earth.
1 person likes this
@SomeCowgirl (32270)
• United States
14 Apr 12
Well I am not sure I can really go with your argument there. For the children should be at home or with some othe trusted authority figure and then should be able to obtain a snack or some juice to tide them over until dinner time. I was brought up on that money should be earned (allowance) and so chores were given and per completed chore we may receive a dollar or two. I will raise my kids the same way. My sister has a similar take, wherein she gives the kids a quarter a day if they are good.
1 person likes this
@alphenor (687)
• Philippines
14 Apr 12
Pocket money is a good idea...however, the term pocket money gives the impression that the kid will get it everyday. In that way, the kid feels assured to have money the next day. That is why we don't have pocket money at home. We have SAVINGS. My mother and her parents give us and our cousins (on mother's side) money to save so that when we can have something to use when we really, really, really, really, really need to purchase something.
1 person likes this
• India
26 Jul 12
Children deserve an assurance or security with their finances. My opinion is that kids should have a pocket money but should be strictly monitored by their parents. They should make them understand the value and importance of money and why are they allowing them to have some. It can also be a good training for the child on how to handle money.
@Cherish14 (2695)
• Philippines
21 Apr 12
when i was small, my parents give me a very small amount of money, the reason is i go home and eat and we were being picked up form school. but when i got older like in high school and college, my parents didn't have any problem with me when it comes to handling my own money. i don't spend so much and i don't ask a lot. they would give some bigger amount of money but i usually cant finish them by the end of the week. now that i am older, like after i graduated, i never ask them for anything anymore. i am actually saving so i can move out already. but yeah, i think parents should also give their kids some more money because they get hungry too sometimes like in the afternoon, so they need to have something too for snacks.