Some people say that giving a smaller amount of money weekly to your children will help them to become more capable as they grow older. Do you agree or disagree ?
It is an undeniable fact that financial management has indispensable role in an individuals life. Some critics argue that younglings should be given some pocket money in order to have some financial knowledge as they age. However, I partially agree to the given notion.
Apparently, it is wise to have financial wisdom in order to understand the value of money. Firstly, giving pocket money to children has a crucial role in their lives not only the smaller amount of wealth helps them understand the basics concepts of money management , but also they can use this pocket money for study purpose or purchase some useful gadgets for them. To vindicate, according to BBC research it has been found that nearly 70% of children from USA support their own studies from the pocket money from their parents. Secondly, Unlike older people, younger people should also understand the significance of financial management and how they can use money wisely and understand the vital role the money holds for their future and pursue their wishes. Thus, pocket money can be of paramount significance if monitored wisely by the parents.
Consequently, in order to teach the young ones parents should be cautious and monitor them.
Nevertheless, If not monitored properly at this tender age, they could be subjected to several activities which may be harmful for their future such as smoking etcetera as they have necessary monetary support. To corroborate, according to Forbes magazine it has been found that several teenagers in USA start using alcohol and indulge in activities like smoking and spending exorbitant amount of money on credit. Furthermore, should parents provide limited amount of pocket money? Certainly yes there are considerable evidence to suggest that children who receive more money for their necessities are highly likely to commit crimes and become involved in bad customs.
To recapitulate, although teenagers should be given some pocket money in order to sustain themselves yet parents should be vigilant about how and where their ward spend their money.
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