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

People used to say "Money does not buy everything". But today's generation thinks differently. For them money buys their materialistic happiness and that is becoming priority for children.

Giving pocket money to young children at tender age is a question for most of the parents nowadays. The education has become so expensive for middle class that the rising pocket money trend seems an extra burden/headache to them. Of course their concern is in right direction. As there may be a chance that the teenagers might get diverted to the wrong path.

In many cases both the parents are working, so they might not be able to pay full attention to their children properly as to how they utilize the pocket money. It constantly worries them the tender young minds easily get trapped into or attracted towards negativity - wasting money on unnecessary things, gets addicted to bad company, bad habits etc. One they start getting money easily from parents, their minds start deviating towards haphazard and unbalanced lifestyle adopting many vices slowly. Unmonitored pocket money spending may lead to unexpected habits.

In this internet age, online shopping, branded fashionable outfits, eating junks and caffeinated drinks, having branded cars etc. are attracting teenagers more. Entertainment field i.e., certain movies and daily soaps has a vital role here. Teenagers are so attracted to the reel life that they tend to follow the reel lifestyle in whatever way they can afford sometimes going beyond the real life. The children from rich families flaunts and recklessly spend big amounts which influences other children from middle-class making them think it is cool/smart to spent more money. Their small minds easily get impressed and they also try to follow the same. Such comparison when comes in their minds diverges them to negativity. Sometimes it leads to inferiority/superiority complexes, stubbornness making things more complicated/deadly. Also being too strict may encourage the tender minds to habit of stealing to satisfy unimportant needs. The restrictions imposed on them should also be liberal.

When parents understand it first that even if they can afford giving huge pocket money to their young teenagers, they should make them learn the value of money and hard-work first. They need to be made aware of the cause and effects related to money spending. They should be given limited amount as pocket money for which they should also help with household chores like buying groceries for home, helping with cleaning, washing car etc. There should be friendly discussions and suggestions with teenagers about what they should spend money on in such a manner that neither they feel restricted nor neglected. Obviously they will make financial mistakes but will eventually learn from it. Moreover, they will feel independent upto some extent and this will nurture more friendly relationship between parents and children. They will develop a habit of savings which will be really helpful to them in future. They will learn about the value of money and hard work to earn them. In this manner, young children will acquire a habit of saving and not to unnecessarily spend money.

Yes, parents should develop this habit at the tender age but at the same time they should make them understand its value also. It will help them to learn basics of finance, ways of managing money and its importance. After all it is question of the child's future.

Pari Acharya