A lot of this independence is being misused. While giving pocket money saves valuable time of the parents, it also means that they have lesser time to check on their kids. Which means that they have lesser time to look after the children. Nowadays parents spend more time at offices, working off like robots. However there is a flip side to all of this. making them more knowledgeable and apt at handling financial crises. Also, the child learns the basics of economics such as inflation, savings, investment etc. Hence the administrative efficiency of the kingdom would increase. Whoever did best at managing affairs would become the next king. Kings, in ancient times, used to give their sons parts of the kingdoms, to rule on their own. This practice is not novel, but has been used since time immemorial. Thus the child not only learns to spend money judiciously, but it also improves their character and performance. The parents can also regulate the amount of money they give to the child, and also give incentives based on behavior etc. He/she is now able to buy necessary things, such as notebooks, materials for projects and also to spend, occasionally on other things (ice creams, chocolates).
By giving a child pocket money, it also gives them financial independence. Learning to manage money is an essential life skill. Giving pocket money has a lot of advantages. And, as the hole left in the savings is not compensated for, it puts strain on the earnings of the family. The risk of useless expenditure comes with giving children money. By giving child money of his/her own, it was hoped that they would learn to save and manage money, which would be a big asset, when they grew bigger. It did not take long to become part and parcel of a child's life. The practice of giving pocket money to children was started with the idea of teaching children how to manage their own money. To give or not to give, to trust, or not to trust- this is one of the biggest parenting debates of the modern age. To teach children to invest and use is far better than to teach them to save"- Henry Ford But, it is not positive, it does not lead the child into the useful avenues of self expenditure and self expression. As an attempt to prevent useless and thoughtless expenditure, it has value. Pocket Money, Should Parents develop this habit at the tender age?
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