It is considered by some that allocating a weekly stipend to children to spend is a welcome idea while others believed that such action is frivolous. In my opinion, I believe that giving a youngster money for personal use helps to learn money management, but can also result in compulsive buying habit.
On the one hand, many think it is a good idea to allow youth to have money at their disposal as it gives them a good head start to mastering their finances. In other words, when a teenager has fixed income per time, he can be held accountable for his spending and saving ability early in life. Prudence is learned over time and requires real life experience which can only be achieved when the kid have control over their personal wealth.
On the other hand, availing too much liquidity to a minor may result in impulse buying. As babies, the urge to possess is never ending. When such an appetite for material acquisition is backed with the right amount of financial power, then, purchasing will no longer be purposeful but an act of compulsion which could lead to materialism or obsession for things.
Finally, in my opinion, whether a child should readily have access to liquid money or not should depend on the age of the child. For instance, it will amount to utter waste of resources if a six-year old is being credited with 300 dollars weekly. This is because he lacks the skill or competence to manage such amount of capital. In contrast, a fifteen-year old female might require some token to take care of her private affairs considering that the age is associated with changes in her physiology and will need some items for cleanliness.
In conclusion, entrusting children with weekly token or not should be hinged on how old the child is. The parent should ensure that age limitation is taken into account before giving cash to their children in order to be sure that the money will not be wasted.
It
is considered
by
some
that allocating a weekly stipend to children to spend is a welcome
idea
while others believed that such action is frivolous. In my opinion, I believe that giving a youngster
money
for personal
use
helps
to learn
money
management,
but
can
also
result in compulsive buying habit.
On the one hand,
many
think
it is a
good
idea
to
allow
youth to have
money
at their disposal as it gives them a
good
head
start
to mastering their finances.
In other words
, when a
teenager
has
fixed
income per time, he can
be held
accountable for his spending and saving ability early in life. Prudence
is learned
over time and requires real life experience which can
only
be achieved
when the kid have control over their personal wealth.
On the other hand
, availing too much liquidity to a minor may result in impulse buying. As babies, the urge to possess is never ending. When such an appetite for material acquisition
is backed
with the right amount of financial power, then, purchasing will no longer be purposeful
but
an act of compulsion which could lead to materialism or obsession for things.
Finally
, in my opinion, whether a child should
readily
have access to liquid
money
or not should depend on the age of the child.
For instance
, it will amount to utter waste of resources if a six-year
old
is
being credited
with 300 dollars weekly. This is
because
he lacks the
skill
or competence to manage such amount of capital.
In contrast
, a fifteen-year
old
female might require
some
token to take care of her private affairs considering that the age
is associated
with
changes
in her physiology and will need
some
items for cleanliness.
In conclusion
, entrusting children with weekly token or not should
be hinged
on how
old
the child is. The parent should ensure that age limitation
is taken
into account
before
giving cash to their children in order to be sure that the
money
will not
be wasted
.