teaching children the value of money

When it comes to educating children in the ways of responsible spending, there are various accepted methods undertaken by parents. The most common of these is the implementation of an allowance awarded for good behaviour and minor household chores, which usually consists of paying an agreed sum for menial labor tasks. This, alongside the payment of cash sums for good academic grades and effort, represents the current understanding of best practice when it comes to teaching children the value of money.

Given the absence of a compulsory financial teaching program available through High School, this methodology of education is the most common amongst teenagers throughout the US. Though it is widely accepted that giving children a financial reward for chores is a valuable practice, there are variable statistics and expert opinions that suggest it is in fact a potentially unhealthy and divisive activity. This can be assessed through understanding the actual lessons that this type of financial education teaches impressionable youngsters.

The Lessons that US Children are Learning

In order to evaluate the relevance of giving a financial reward for labor, it should be compared to the mechanics of the contemporary job market. This is because the education of children is designed to prepare and equip them for adulthood, and the necessities of work and economic awareness that accompany it. By contrasting the core values of the two, it may be possible to modify the way that parents administer their rewards and re-numeration for task.