Rajiv Gets Pocket Money from His Father
Pocket Money is a common practice among parents when it comes to providing their children with a certain amount of money every week or month. This amount is usually given for the child to spend on anything they like, without having to ask their parents for permission. As a child grows up, they want to have more control over their own finances, and this often leads to the question of whether or not to give them Pocket Money. One such child is Rajiv, who gets Pocket Money from his father. But is it really a good idea for children to have their own Pocket Money? Let’s discuss the advantages and disadvantages.
Why Children Should Not Be Given Pocket Money
The concept of Pocket Money has been debated for many years, with some parents believing it is a necessary tool for teaching children the value of money, while others argue that it can lead to bad habits and financial irresponsibility. Here are some reasons why children should not be given Pocket Money:
1. Encourages Instant Gratification
When children are given Pocket Money, they are essentially given the freedom to spend it on whatever they like, without guidance or restrictions. This can lead to instant gratification, where they may spend all their money on something they want at that moment, without considering the long-term consequences.
2. Creates a Sense of Entitlement
Children may start to feel entitled to Pocket Money, believing that they deserve it without having to do anything in return. This can lead to a lack of appreciation for the value of money and the hard work that goes into earning it.
3. Can Cause Conflicts and Arguments
If children are not given Pocket Money, or if they have finished spending their allowance, this can cause conflicts and arguments between them and their parents. This can also lead to inconsistent parenting, where the child may manipulate one parent to get more money.
4. Does Not Teach the Value of Money
Some parents believe that giving their child Pocket Money will teach them the value of money. However, if children are not taught how to budget and save, they may not understand the true worth of money, and how to use it responsibly.
Online Games: Money Earning vs Real Money
One of the biggest concerns parents have when it comes to giving Pocket Money to their children is that they will spend it on online games that offer in-game purchases. These purchases often enable players to earn points, bonuses or access to new levels, with the option to pay for these upgrades using real money. This begs the question, should parents let their children spend their Pocket Money on online games?
The Pros of Earning Money Through Online Games
Online games have become a popular source of entertainment for children and adults alike. With the rise of technology, there are now various ways for children to earn Pocket Money through online games. Here are some potential benefits of allowing children to earn money through online games:
- Encourages Critical Thinking and Problem Solving – Most online games require players to think critically and strategically in order to advance to higher levels. This can enhance a child’s critical thinking skills and improve their problem-solving abilities.
- Teaches the Value of Hard Work – In some online games, players need to put in a certain amount of effort in order to earn rewards or points. This can teach children the value of hard work and perseverance.
- Provides a Sense of Accomplishment – When children earn points or rewards through online games, it can give them a sense of accomplishment and boost their self-esteem.
- Promotes Healthy Gaming Habits – By earning money through online games, children may learn to balance their time between playing the game and other activities, promoting healthier gaming habits.
The Downsides of Online Games as a Source of Pocket Money
While there are potential benefits to allowing children to earn money through online games, there are also some downsides that parents should be aware of:
- Can Lead to Addiction – Some children may become addicted to online games, especially if they see it as a source of Pocket Money. This can lead to harmful consequences in terms of their physical and mental health.
- Can Be Expensive – Many online games offer in-game purchases that require real money to be spent. If parents are not careful, their children may end up spending a lot of money on these purchases, leading to financial strain.
- No Guarantee of Profits – Just like any other form of gambling, there is no guarantee of success when it comes to earning money through online games. Children may end up losing more money than they earn, which can be frustrating and disappointing.
Online Money Earning Games in India
In India, children are increasingly turning towards online money earning games as a way to earn Pocket Money, especially during the COVID-19 pandemic when traditional part-time jobs may be hard to come by. While some online games may provide a legitimate way for children to earn money, there are also scams and fraudulent activities that parents need to be aware of.
One popular online money earning game in India is Dream11, a fantasy sports platform where players can create their own teams and compete with others to earn cash prizes. However, this platform has been facing criticism and legal challenges, with some experts arguing that it promotes gambling and addictive behavior.
Other online money earning games in India include RummyCircle, Teen Patti, and Paytm First Games, all of which have come under scrutiny for promoting gambling and encouraging children to spend real money.
In Conclusion
In today’s fast-paced world, the concept of Pocket Money has evolved to include online sources of income for children. While there may be potential benefits to allowing children to earn money through online games, it is essential for parents to monitor and guide their children’s gaming habits. Ultimately, it is up to the parents to decide whether or not to give their children Pocket Money, but it is essential to teach them the value of money and instill responsible spending habits from a young age.
While Rajiv may enjoy having his own Pocket Money to spend on whatever he likes, it is crucial for his father to educate him on the importance of budgeting, saving, and making wise financial decisions. As technology continues to advance, it is vital for parents to stay informed and involved in their children’s activities, especially when it comes to online games and money.
