In this articleTo give or not to give?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 dont 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 childs desires and possessions. Sharad Sanghi: No, I would not give my child pocket money because I dont 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 dont 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.
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.
