Introduction
Pocket Money, also known as allowance, is a small amount of money given to children by their parents on a regular basis. It is often used for buying everyday items, such as snacks, toys, or stationery, and it serves as an early introduction to managing money. However, the practice of giving Pocket Money to children has been a topic of debate among parents, with some believing it teaches financial responsibility and others arguing it spoils children. In this article, we will explore the importance of Pocket Money for children and discuss whether or not it should be given, based on the distribution of weekly Pocket Money, online earning opportunities, and the trend of online games earning money.
The Benefits of Giving Pocket Money
There are several benefits to giving Pocket Money to children. Firstly, it allows them to learn how to budget and manage their finances from a young age. By giving them a set amount of money to spend, children are forced to make decisions about what they want to buy and learn to differentiate between wants and needs. This helps them develop financial discipline, a crucial skill for adulthood.
In addition, giving Pocket Money to children can also teach them about saving and goal-setting. By setting aside a portion of their Pocket Money for a specific item, children learn the value of delayed gratification and the importance of saving for future purposes. This can also instill a sense of responsibility and independence in children as they learn to work towards their own goals.
Furthermore, receiving Pocket Money can also increase children’s sense of ownership and responsibility. When they have their own money, they are more likely to take care of their belongings and make better decisions on how to spend it. This can also teach them the value of hard work, as they may need to do chores or tasks in order to earn their Pocket Money.
The Distribution of Weekly Pocket Money
The amount of Pocket Money given to children varies greatly depending on the family’s financial situation and the age of the child. According to a survey by MyKidsTime, the average weekly Pocket Money for children under 14 years old in the United Kingdom is £6.20, with an increase to £11.00 for children aged 14-16. Additionally, 29% of parents surveyed said that they give more than £10 per week to their children.
However, the distribution of Pocket Money is not just limited to the amount given, but also the conditions attached to it. Some parents give a set amount of money regardless of their child’s behavior, while others choose to reward or penalize their child’s behavior with their Pocket Money. This decision is entirely up to each family and their parenting style.
The Option of Online Earning for Children
In today’s digital age, there are many opportunities for children to earn money online. This could include doing online surveys, participating in market research, or creating content on social media platforms. Online earning not only provides children with a way to make money, but it can also teach them valuable skills such as time management, communication, and marketing.
However, parents must be cautious in allowing their children to earn money online. It is important to vet the websites and platforms to ensure they are legitimate and safe for children to use. Parents should also monitor their child’s online activities and educate them on online safety.
The Trend of Online Games Earning Money
In recent years, there has been a growing trend of online games allowing players to earn money through in-game purchases or virtual currency. While this may seem like a harmless way for children to earn money, it can also lead to addictive behavior and overspending. Furthermore, there have been cases of children using their parents’ credit cards without their knowledge to make these purchases.
Therefore, it is crucial for parents to have open communication with their children about online games and the potential risks involved. It is also necessary for parents to limit their child’s screen time and monitor their online gaming activities.
Conclusion
Pocket Money is a debatable topic among parents, but it is undeniable that it can benefit children if given and managed correctly. The distribution of weekly Pocket Money, the option of online earning, and the trend of online games earning money are all factors that parents need to consider when deciding whether or not to give Pocket Money to their children. Ultimately, it is important for parents to find a balance and use Pocket Money as a tool to teach their children about financial responsibility, discipline, and independence.
In conclusion, Pocket Money should be given to children, but it should be accompanied by open communication, proper management, and supervision. With a healthy approach, Pocket Money can be a valuable learning experience for children and help them develop important life skills.
