For parents who are concerned that their children won’t learn the value of a dollar if the allowance isn’t tied to household chores, note that there are still plenty of money management skills to be learned from a straight allowance. Depending on the age, kids can be made responsible for paying for their own toys or snacks. Some parents even require that kids set aside a percentage of their allowance toward savings.
“I really like having my own money,” says Kevin, 9. “It’s up to me if I want to buy the cheap toy now, or save and get the better toy.” And that’s a good lesson to learn at 9 years old.
No matter which allowance route you take in parenthood, kids will feel empowered by being able to handle their own money.