In many countries it is common for parents to give their children pocket money. What are the advantages and disadvantages of this practice?

The best time to learn how to budget and manage your money is at a young age. Throughout the globe, it has become a standard practise for parents to provide their children with an allowance. Although the kids could spend this income on bad habits, they could also learn to use their hard earn cash wisely. There are several disadvantages to providing your kids with an allowance. Still, the biggest of them all is when you give for all the wrong reasons. In other words, both parents are working and feeling guilty neglecting the young ones, so they buy them over by giving to much money. These children commonly find them in bad company as a vent to their frustration, as they would rather enjoy their parent's company and support rather than their money. Furthermore, without parental guidance, the kids do not know what to do with their income and would spend on anything that comes along. There is a significant benefit for youngsters to master the skill of saving and manage money. From a young age, they earn a small amount to be used in a certain time frame wherein they learn to budge and to put cash aside for that one item they desire. Moreover, do they learn the value of money and to take good care of the things they bought. Additionally, added bonuses could help to motivate better grades at school or spur them to help with those extra shores at home. For example, help to wash the dishes or to mow the lawn. These skills will be carried into adulthood. To summarise, even though there are some disadvantages to receiving money from your parents, the advantages outweigh the negative by far. With parental guidance, the younger generation can achieve skills in managing income that would benefit them for life.