Answers 1
Answer:
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Explanation:
The main reason for giving pocket money is to help children learn to manage money while they are young and you can still guide them. It is a valuable way to teach responsibility.
Pocket money can help children feel that they are important members of the family because they are given part of the family’s spending money.
It helps children to make choices. They learn that sometimes people have to wait and save up to get what they really want.
If you don’t have much money to spare, even a very small amount can give a child the feeling of some independence. Not giving pocket money and explaining your reasons also helps children learn about money.
In some families children are given what they ask for and do not get pocket money. If this works well for your family there is no need to give pocket money. However some parents feel their children haven’t really learnt about money and how to manage it with this method.
Some parents put part of children’s pocket money in a bank account for them. Check that the bank does not charge any fees on this amount. Some parents give pocket money and ask the child to bank some regularly.
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