67% of Parents Give Kids Allowance, Survey Finds
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Author Dave Ramsey has a different approach when it comes to giving kids an allowance.
When asked about some money management tips for kids and parents he said:
"Number one would definitely be to get your kids to work. Don’t just give them an allowance. Kids need to learn that money comes from work, not from mom and dad’s back pocket. The money-and-work connection gives a child a sense of dignity. Second, show them that it’s important to give. Giving is the antidote to selfishness; it combats entitlement. Third, lead by example. We always say, 'More is caught than taught.' But money is never just about money. It’s about strong parenting, setting boundaries, and giving your kids the dignity to become responsible, self-supporting adults."
Allowances can be a great learning tool for kids, but it is ultimately up to the parent to decide whether or not to give one, and whether or not it should come with a set of conditions.