Giving kids an allowance is a time honored tradition as old as, well, having them make their beds or set the dinner table. But it turns out that for many of today's families, the ritual of allowance giving can create a lot of stress and apprehension.
A recent field study by Kidworth.com found very few parents are actually giving their children a steady allowance. It was as if "allowance" had become the new dirty word in parenting. That's right, the "A" word.
The most common fears they shared were that it would lead to power struggles between the kids and parents or would just amp up the materialism that kids today can already posses. One mom said her kids don't need allowance, she buys them everything and that way she can control what they get - but that doesn't teach her children financial literacy. How are kids going to learn to be responsible at 18 with their own credit card, if they're not trusted and taught how to manage a few dollars a week at age 10?
Most financial and parenting experts agree, an allowance is a healthy way to give your children financial skills that they can carry on through their adult lives. It's only a dirty word if you make it one.
Here are five tips on how to give your children an allowance:
The most important thing to do is be active about your children and their money. When approached correctly, "allowance" doesn't have to be a dirty word; it can be a positive partnership between parents and their kids that will last a lifetime.
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