Do you think you should start giving pocket money to your child or the system that you right now have is working good? Continue reading further to understand what are the advantages and disadvantages of giving pocket money to children.
As there is capitalization of the economy you will find people holding more and more wealth. This is not just true for the adults but you can also find young children spending money themselves nowadays. This is largely owing to the fact that parents are giving huge pocket money to their children. In this article we are suggesting to you few advantages and disadvantages of giving pocket money to children. So, here goes:
Advantage of giving pocket money to children
• Children get the value of the money when they are responsible to pay for their purchases. They become more responsible with money matters.
• Children pay for their things from their pocket money itself. They get to know how grownups set up a budget when salary comes and pay for living expenses.
• Giving pocket money to their kids saves a lot of time for grownups to buy small things for their children. They can utilize this time for other important tasks.
• Children begin to make important decision regarding spending money themselves. This gives them the sense of purpose and achievement.
Disadvantages of giving pocket money to children
• A child may not be cautious in spending money. He or she can easily spend on frivolous unnecessary items.
• Children are not expected to know the value of money so they are never expected to make a wise decision regarding money.
• A child can easily get into trouble if there is no supervision with regards to money matters.
• He or she can be the prey to the bullies at school or play area if they are carrying lots of pocket money.
So, enlisted above are the few advantages and disadvantages of giving pocket money to kids. Make your decision to give pocket money to your loved one wisely and smartly.