Pocket money, also known as allowance, is a small amount of money given to children on a regular basis, typically by their parents or guardians. While pocket money may seem like a small and insignificant concept, it can actually be an important part of a child's development and learning experience.
One of the main benefits of pocket money is that it helps children learn about financial responsibility and money management. By giving children a small amount of money to manage and spend, they can learn how to budget their money and make decisions about how to allocate their resources. This can be a valuable lesson, as many adults struggle with financial management and budgeting. By learning these skills at an early age, children can set themselves up for success in their adult lives.
Pocket money can also teach children about the value of hard work and earning money. Many children may not understand the concept of earning money until they receive pocket money, as they have not yet had the opportunity to work for it. By giving children pocket money in exchange for completing certain tasks or chores, they can learn that money does not come for free and that it must be earned through hard work and effort.
In addition to teaching financial responsibility and the value of hard work, pocket money can also help children develop independence and self-reliance. When children have their own money, they can make their own decisions about how to spend it, rather than relying on their parents to provide for all of their needs. This can be an important step towards independence, as children learn to make their own choices and take responsibility for the consequences of those choices.
Overall, pocket money is an important part of a child's development and learning experience. It can teach children about financial responsibility, the value of hard work, and independence, all of which are crucial skills for success in adulthood.
Should Pocket Money be Given to Children?
Whenever he is in a jolly mood because of good business, he gives me a fat purse as my pocket money. However, most of the time it only causes bad things has bad outcomes, and has a negative impact on society. It will help them to learn basics of finance, ways of managing money and its importance. While 85 per cent children said they spend a major portion of their pocket money on food and snacks, a significant 61 per cent children showed inclination towards savings. You must be careful about providing money for your children, but done correctly with set ground rules, many skills can be learnt for life.
7 Reasons To Give Your Child Pocket Money
They should only ask their parents. Teaching kids about money management and how to invest pocket Money: With money in their pocket, kids sometimes become callous with money. Money is a thing without which person cannot exist and it plays a very big and important role in people's lives. No supervision Many parents out there will think that once they have given money to their children in the form of pocket money, their job is over. With the power of money, children get involved in unhealthy practices which are morally and socially unacceptable like drugs, crimes, etc. For them money buys their materialistic happiness and that is becoming priority for children.
Importance of Pocket Money for children, Value of Money, Pocket Money Disadvantages
They start showing off this to their friends. Do they have chores and other responsibilities expected of them? If your child is too stubborn to consider these smart ways of spending money, let them do whatever they wish! Sometimes parents guide a child as to how to spend it wisely. In this internet age, online shopping, branded fashionable outfits, eating junks and caffeinated drinks, having branded cars etc. Parents can spend this quality time, thus saved in a better way with their children. Many may feel it is more important than education. Over to you — do you give pocket money to your child? This has an adverse effect on studies as well.
Essay on “Pocket Money” for Kids and Students, English, Paragraph, Speech for Class 8, 9, 10, 12, College and Competitive Exams.
Everyone learns by making mistakes, and pocket money ensures those mistakes start off on a manageable scale. It also depends on how much the parents can afford. They will have ability to be in charge of their own budget. For example, it can help a patient to be hospitalized and to have a surgery right away instead of waiting for donations. However, at times, pocket money can prove to be a nuisance because no matter how much they get, sometimes it never seems enough. Some children find it as a fun to earn their own money whatever the amount is. Some individuals believe that by providing children pocket money, they will become opulent.
