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Giving an allowance

Giving an allowance can teach children good money habits

After falling out of favor for some years, giving a child an allowance is once again a popular thing to do. In a survey from T. Rowe Price, 70 percent of parents reported giving an allowance to their children ages 8-14.

Parents are divided on whether or not an allowance should be tied to completing chores. One side argues that tying an allowance to chores teaches children they must work for money. The other side warns of creating an expectation of payment for even trivial chores, like unloading the dishwasher.

A compromise solution might be to award a “base” allowance but expect children to perform certain standard chores as part of contributing to the household, not as a condition of receiving an allowance.

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