We live in 21st century, our lifestyle, our mindsets have transformed from being dogmatic, conservative to open-minded and liberal. The time has gone where parents were just seen as portrait of respect and strictness. At that time, children used to be taught to be submissive and feared a lot to go against their parents' wishes. Mostly they feared that they will be treated badly if they try to be disobedient or they will be brutally disowned. The parents too focused more on their reputation, their sense of superiority and self respect. They had confined mindset in which their thoughts varied a lot with their children. In a way the children where never so much freedom or given responsibility where they could really show their capability over matters. Mostly all the decisions were taken by the elders of the family and children had been neglected. This build a suppressed feeling in the children and produced in confidence in themselves, somewhere they thought their right had been neglected, they were not given the right amount of importance than they deserved. In this way there started communication gap which created problems later in their lives. In matters of money, the elders usually didn't involve children as their used to think that they are not ready to take responsibility and be held answerable if any mishappenings occur. This sense of lack of accountability was ingrained to the further generation which actually was proved to be an obstruction in their personal growth. The people lacked experienced in monetary matters, their decisions were turning out to be wrong and this lends to loss of property and also lends many families to go in poverty due to lack of forsightness and smart planning. A lot of people due lack of wisdom, lost great deals of property in old days. The one lesson which was they thought to their children is that money has to be handled with a lot of care because it has the power to make you powerful or powerless. But for that handling skill, the person has to get exposed to money matters. He or she has to be street smart. And this comes only when they get practical knowledge about the correct usage of money at an early age, under their parent's supervision.
Giving pocket money is a way to instill the sense of responsibility and trust over them. Definitely dealing with money is not a piece of cake. Rather than children, the adolescents can be more active and responsible in this matter. Adolescents do have a sense of maturity and also the zeal to try and learn new things. But the most important thing is that the period of coming of age is the time when a person develops maturity, gains and seeks knowledge of the world and how the world functions, a time where he or she wants to be independent, strong and smart. Giving them opportunity to be economically independent to a certain extent will be beneficial to their outlook towards life and world. They will gain knowledge through experiencing things like bargaining items, saving money, profit, loss, buying and selling of things, discounts, offers etc. gradually they will also be smart enough to deal these things on their own. They will develop wisdom and make corrective decisions and make smart future savings planning. But it is more advisable that initially they deal with small amount of money and be taught the significance step by step under the guidance of their elders who already have wisdom of monetary matters. The adolescent should be given situations to test their skills and common sense to be reflexive and response in tough deals. They should be taught about banking too for their future benefits. Their roles in many sectors like in business, marketing will be very beneficial. In a way, it is extremely vital to make a person realize his role as a responsible, reliable, accountable, overall developed person and be to be trusted, accepted and respected in this circle of society. Alas it seems a good idea to give the teenagers opportunity to be wise and help themselves and others. So it is advisable to give them their pocket money.