Having the title of “low income” for the majority of my childhood altered almost everything, allowance being one of them. In school I would often hear about it, kids always bragged about how much they got, or how much they made for doing certain chores. It quickly became something I fantasized considering the fact that I never got paid to do things like dishes or take out the trash.
I really disliked the fact that I was far less privileged than others, but as I grew older I started to fully understand and appreciate the setting I was put into. The lack of allowance essentially taught me about money, but also how to manage it. It pushed me start generating income on my own, and manage it to the point that I’d never feel less privileged.
Allowance does children more harm than good.
I don’t think that kids should be given an allowance unless they do chores to earn it. Just as praising your children too much can lead to issues later in life, praising children too much monetarily can lead to problems when the child gets older. By giving kids money without them having to do anything to earn it, you’re telling them things are going to be handed to them, which will foster an attitude of laziness and a feeling of being entitled.
Having known people who do get an allowance, they almost always use it all before the weekends, on food, outings, and other unnecessary things. It also raises a sense of entitlement, and the belief that they deserve monetary compensation for every deed they enact. I was raised being taught what I was responsible for, and had to do on my own without the thought of how much I was to be paid for it, and that has made it easier for me to complete tasks that help me and others without raising a question.
I don’t think kids should receive an allowance. I believe that rather than teaching them a lesson on the value of money, it encourages entitlement. In my opinion, the concept of allowance is parallel to the concept of “handouts”. Even if the allowance is given for chores or for a specific task, children need to understand that they have responsibilities that need to be completed whether or not there is a money incentive.
How children can learn the value of money — with or without an allowance
My parents at a very young age taught me the value of money and that it should never be tossed around. They have always said, and they have stood by this, I should work for what I want. They don’t, however, make me pay for everything but the majority of the things I want, I have to provide my own money. This has helped me become more independent and appreciate the things that I buy.
My mother is the breadwinner in the household. So we heavily budget our money every week. I get an allowance every 2-3 weeks depending on our financial situation. I would usually receive a $20 allowance, which is $10 less than the weekly average.