Though there are some notorious kids and the best way to deal with them is to ask for the record of every single penny at the end of a week or a month. Most parents feel that they might misuse the money given to them but unless you trust them and let them contribute to their expenses, they will never learn the difference between ‘use’ and ‘misuse’ of money. When they have money, they develop the ability to manage and learn its importance. When parents allow them to play with money, kids feel connected and they think their parents trust them. The most important benefit of giving pocket money is teaching kids to be independent and that’s the key to success in today’s time. Only 13% of children aged 4 to 18 receive no personal money at all. According to respondents, 71% of children aged 4 to 6 receive pocket money, rising to 95% for those aged 10 to 12. According to our findings, the majority of German households regularly give their children pocket money. It enables them to practise spending and saving as well as learn more about money management in general. Offering pocket money to children can be an excellent method to instill financial responsibility in them. Therefore, we cannot jump to a conclusion about whether pocket money should be given or not. As each coin has 2 sides, similar is the case with this situation. They are not only doubtful that their kids might get into the wrong company but think they may also misuse money and lead to self-harm. Most Indian parents think their kids are too small to deal with money. Kids are keen to get money and wish to spend them on their own accord but on the contrary, parents are anxious and have their own set of doubts. Most families have a heated argument between parents and children for the same. Do you give your child pocket money or like other parents are you also confused? Pocket money has always been a major concern for most parents.
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