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Teaching Children Responsibility and the Value of Money
While a vast majority of parents assign chores to
their kids, a new survey reveals that only half dole out allowances for
However, according to an AOL Daily Finance report, a new survey called Chores & Allowance and the 21st Century Kid reveals that just 21% of paying parents connect the payouts with chores.
Other results of the survey conducted by DoughMain.com include:
- 47% of respondents feel that allowances help children learn to manage money.
- 26% provide non-monetary rewards such as television or computer time, to compensate their kids for completed chores.
- Some parents object to associating chores and allowance, hoping their kids will learn that some things are done out of a sense of responsibility.
For those debating the route to take when it comes to kids, chores and allowances, here are some tips to keep in mind:
- Start early: As early as age 6, kids can handle small allowances, so try to determine an amount that sensibly addresses their expenses.
- Encourage money management: Allowances can help kids save for specific goals, earmarking portions for charitable donations, entertainment, clothing, etc.
- Combine chores and allowances with money discussions: Talk about how you manage the household budget, providing your kids with valuable insights about the cost of groceries, utilities, services, and so forth.
- Teach responsibility: Financially unrewarded chores can help teach kids responsibility.
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