Thursday, June 25, 2009

Do allowances really teach kids about money?

Does getting an allowance teach kids to manage money, or does it just condition them to expect a handout? Should you tie the allowance in to chores, or should chores be considered a non-negotiable family responsibility? We looked at the pros and cons of giving out an allowance over at Boston.com's Child Caring blog recently; here are some of the reactions:

Jayne: Allowances seem to be one of many my parenting pitfalls. For a year and a half, I faithfully gave my kids a $3/week allowance and in no time they accumulated more money than I had and were always talking about what they wanted to buy. Both of these made me uncomfortable. I stopped the allowance and haven't gone back. ...

DMa: Absolutely not. I will not pay my children to do things they should be doing anyway. It's called being part of a family...

Ricardo87: I never gave my daughter an allowance. She had chores such as laundry, helping with dishes(no dishwasher), dusting, vacuuming etc. When she needed money for something, I gave it to her...

BMS: We do give our kids a very modest allowance. If they want anything outside of birthday or Christmas gifts, they have to use their money...

Do you give your kids an allowance? Why or why not?

And how much should a 10-year-old get, anyway?

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