Pocket money given to children by their parents is a tradition in many households for
generations. While some may argue that it encourages materialism or it is spent money like
water, it may contribute to overall development and understanding of financial
responsibility.
Firstly, managing their own money creates a sense of maturity. They learn to make
choices or save their pocket money, promoting decision-making skills which leads to
independence and self-reliance.
Secondly, pocket money allows children to set short-term financial goals. Whether
they are saving for a special toy, game, or treat, this experience teaches them the value of
delayed gratification.
What's more, they gain a clear understanding of the value of money. They start to
make effort, complete chores or tasks, with earning money. This learns how to fulfill their
desires.
On the other hand, providing regular pocket money might inadvertently contribute to
the development of materialistic values. Children could start associating happiness and self-
worth with the possession of material items. Furthermore, unrestricted pocket money may
lead to uncontrolled spending.
In conclusion, the idea of giving pocket money should be approched with parents`
control and financial education but it can create many more positive behaviors and skills
that make overall growth and preparedness for the future.
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