There is a very hot debate among families about whether or not to just give an allowance to kids or have them work for it. What do you think?
There is a big debate right now in your very own neighborhood. Should kids just get an allowance or should they have to earn it? This is definitely a two-sided issue with some very valid points for each side. Take a look at some of the issues raised, and get some helpful tips for giving an allowance to your tween.
They Should Earn It
This is by far the most popular choice among families. In a recent poll run in the May 2007 issue of Parenting, 92% of families polled (over 12,000 responses) thought that kids should earn their wages. Some argue that in order to teach kids about what it is like in the world, you have to show them that they can't get money for doing nothing.
The issue of independence was also raised to support the fact that kids should earn their money. Some believe that by having kids earn their allowance, they will not depend on their parents in the future, and they will learn good spending habits in the process.
They Should Just Get It
This not so popular response (a mere 8% in the same poll) does have its credentials. When speaking of earning money for household chores, one must ask, "Do I get paid for washing clothes?" Of course, the answer is no. Being part of a family comes with certain responsibilities that everyone must share, and this is separate from earning money on a job. How can a child learn about making money in the real-world by making his bed every morning?
Some believe that giving an allowance is a good opportunity to teach kids how to spend and save their money, a life lesson, if you will. Kids might earn money for things that they do above and beyond their chores. For instance, helping dad clean out his tools might not be an expected chore for a child, so he earns a few bucks for helping out.
Allowance Statistics
Whatever side of the coin you land on, one thing will never change...kids want to make money somehow. So, if you do give your child an allowance, whether by earning it or just giving it regularly, here are some pretty cool statistics about what the rest of North America is doing with their kids.
- Most 9-year-olds are making approximately $5.50 a week. The amount goes up from there to include 10 ($7.20), 11 ($8.00), and 12 ($9.50). Girls are making more than boys. ~ Global/Decima Family Poll
- Most tweens are getting paid weekly. Then comes bi-weekly and then monthly.
- According to the Environics Research Group, Ltd., only 41% of parents are giving any kind of allowance.
- Surprisingly, most kids are saving up some of their allowance (males (70%), females (71%)). It seems, though, that the older children get, the less they tend to save, based on a sixth grade survey by the Louis Harris & Associates for Liberty Financial's Young Investor Program.
- Most parents stop giving allowance at the age of 16. I guess the kids have to get out there and earn their own money. Funny, that is the legal age for them to get a job!
