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Would
You Give Your Child
Pocket
Money?
To give or not
to give?
Parents have widely differing views
on the issue of pocket money. On the one hand, you have parents that are
reluctant to put their child on an allowance because they are not gung-ho
about the idea of young children handling money, no matter how small the
amount. Then there is also the question of how much money would be considered
appropriate. It can lead to running battles between children and parents
in cases where the children feel that they are not getting enough to keep
up with their friends. Pocket money can also encourage unhealthy rivalry
among children. Parents feel that they would have no control over what
the children would buy, especially if they were spending money on sweets,
chocolates or other things that were not really good for them.
On the other end of the spectrum
are parents who feel that children will only learn the value of money if
they have to spend out of their own pockets. They will learn the concept
of a budget rather than thinking that their parents are a source of limitless
finance. Such parents feel that children have a tendency to demand constantly
without comprehending what it takes to meet these demands. Pocket money
will teach these children the concept of 'expensive.'
Would you give
your child pocket money?
Five new fathers were asked this
question and this is how they responded.
Ashish Khanna:
Although many would argue that pocket
money would help inculcate value for money, I don't agree. I would not
give my child any pocket money because first of all, I never got pocket
money and I seem to have a good value for money. If my child ever needed
something and I felt it was a reasonable request, 'I' would buy it for
him. In this way, I will have more control over my child's desires and
possessions.
Sharad Sanghi:
No, I would not give my child pocket
money because I don't want to create the perception of 'her' money and
'my' money. If I refuse to buy her something that I think is bad for her,
she may openly defy me by saying that she will buy it with her own money
or buy it on the sly. I feel it also encourages children to be materialistic
and money-minded at a very early age. I don't want my child to start measuring
other children by the amount of money or pocket money they have.
Rakesh Shah:
Yes, I would give my child pocket
money. I feel that children should learn to spend money intelligently and
not go overboard spending. They will learn what are their limitations and
feel the pinch when they have to pay for something out of their own pocket.
Vikram Desai:
Yes, I would certainly give my child
pocket money. But I would not give it to him in a lump sum on a weekly
or monthly basis. He would have to earn it. If he helped me by running
some of my errands or helped his mother with household chores, I would
reward him accordingly. I think this helps children realize that "money
does not grow on trees" and it requires hard work to earn money.
Rajiv Patel:
Yes, I would give my child pocket
money because it is important that she learns to manage money. I will give
her a fixed amount every month and if she spends the money before the month
is over, then she will learn a lesson and not spend money so freely.
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