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Pocket Money, Should Parents develop this habit at the tender age?

Among the various motivators of this world, for us, human being, money holds the prime position. Whether it is a tender age child or an old hunch-back person almost all are motivated by money. Moreover in today's mechanized and fast moving world, it is considered by one and almost all that money can buy everything. Thus in today's world money drives one and all. In this way, every aspect of life can be analyzed from the purview of money and money only. Money can hold under its grip everything. At the same time, human needs to be fulfilled by money are unlimited or boundless but his avenue has certain bounds. Coming specifically, to the topic in question, i.e., "Pocket Money, should parents develop this habit at the tender age?"

I think while giving pocket money at a tender age, there is no harm, but, this should be done keeping in mind certain pre-conditions, which are:- Firstly, while giving pocket money to their tender age children, parents should keep in mind their wards psychological maturity. This psychological maturity may vary from tender age to tender age children as it depends on various variables like economic condition of the family, whether there is a culture in ones family of open show and display of monetary resources among family members. Sometimes it is seen that money is not shown in some families to tender age children. This leads to more yearning for money psychologically resulting in misuse of money by these families tender age children when received via pocket money then of families where it is just the opposite.

Secondly, while giving pocket money which I think has become quite inevitable in today's world due to busy and mechanized life, parents should teach about various facets of money. These include things like, the fact that money is a great motivator in life only when we properly use it. At the same time it becomes destructive medium when we misuse it.

Thirdly, parents should teach their tender age children while giving pocket money, facts like, and 'money is good servant but a bad master.' In other words if the tender age children can inculcate the fact that they should enrich their life by properly using money, and not by misusing money, thereby ruining their own life. This is so because as said above - 'Money is a good servant but a bad master.'

Fourthly, giving pocket money has some positive aspects too. This include things like pocket money if properly used by tender age children, it could become the first step in life towards financial literacy in the true sense of the term.

Fifthly, while receiving pocket money by tender age children from parents at home they should inculcate the habit of not spending the whole pocket money outside their home, but on the contrary returning back some of it back home. This will firstly, help the child in reducing the frequency or interval of asking for pocket money and most importantly help these tender age children in making 'savings' a hobby for the further life from a very tender age.

Last but not the least, I would say that money is a two-edged sword. It has both positive and negative aspects. The same thing applies for money in the form of pocket money. So in money driven world of us today, the parent -child duo should ponder over the use and utility of positive aspects of monetary dealings like savings, financial literacy, economical and constructive use of various family resources thereby making the personality of pocket money receiving tender-age children a positive one then a retrogative one.

At the end, I would like to end my discussion on the topic "Pocket Money, should parents develop this habit at the tender age?" by reminding both our parents and children dealing with money in general and pocket money in particular, the famous couplet which describes the functions of money which should be kept in mind while using this two-edged sword i.e. money which is:-
"Money is a matter of functions four,
A medium, a measure, a standard, a store."

Jnandeep Bora