Allowance... or Not?

Avatar for cmkristy
iVillage Member
Registered: 07-05-2005
Allowance... or Not?
2
Tue, 08-06-2013 - 9:52am

School may be out, but never fear -- there are plenty of teachable moments to be had when it comes to kids' financial literacy. 

There are lawns to be mowed and summer jobs to be had – but parents also can go a long way toward helping children learn about money with a simple tool: the allowance. 

"From my point of view, allowances should be required. You want kids to get comfortable with money," said Nathan Dungan, president of Share Save Spend, an organization aiming to help people develop healthy financial habits.. "It gives a really critical structure and kind of intentional marking point that a child develops to get them comfortable with money."

Dungan suggests starting an allowance when a child is just five or six, increasing the amount each year. "It's a great opportunity to delve into it, transfer some responsibility and work on things like deferred gratification," he said.

How giving your child an allowance can pay off- http://www.today.com/moms/how-giving-your-child-allowance-can-pay-6C10817481

Where do you stand on the issue? Should children receive an allowance? 

 photo snowsiggy.png

iVillage Member
Registered: 10-17-2012
Thu, 08-08-2013 - 3:36am

Yes, absolutely.  It teaches so much...work ethic, financial responsibility, personal responsibility, the power of money, capitalism...all lessons that are desperately needed to learn if you want to succeed and not turn out to be a Democrat.

iVillage Member
Registered: 04-18-2012
Thu, 08-08-2013 - 1:37pm

I think they should.  It will teach them the value of a dollar, how to work hard, and save for things that are important to them.