Teens should receive bigger allowances

Should parents give their children an allowance?

This is what Ashley had to say:

The money my parents give me sure does help my bank balance grow! Ever since I started getting regular pocket-money when I was five years old, I’ve never spent more than half each week, putting the rest in my piggy-bank, and then my bank account (when Dad finally got around to opening me one!)

That account now has nearly $10,000 in it. That’s almost more cash than Mum and Dad have! Well, that’s what they tell me every time I ask for money for school, anyway. Their nickname for me is ‘Money-bags’ which makes them laugh, but I reckon they get a kick out of seeing me saving so much. Which is weird really, because I was never taught how to manage my money - I just did it.

Mum tells the story of how when I was really young, I would divide up my lunch or the chocolate Gran gave me and never eat the whole lot all in one go. I would always save something for later. Apparently I could make my Easter eggs last until at least July!

The other great thing about my weekly allowance is I don’t have to do any chores for it. My parents reckon I’ve got enough to focus on with school (most important, according to them) and my dance and music (most important, according to me). Sweet!

Some of my friends are always complaining about how much they have to do around the house, and if they don’t get it all done their money is reduced. How are they supposed to run a budget and plan their spending if they don’t know how much money they’re getting?

Although, most of them couldn’t even calculate a 10% discount during their favourite spring sale, so even if they had tons of cash coming in they would still struggle to save any. I don’t tell them how much I have in the bank - they’re more used to hearing me say “I’m not going to the movies - I can’t afford it” which technically is true (I’ve run out of spending money for that week) but doesn’t reflect my overall bank balance.

What would make my allowance even better? Receiving even more money each week, of course!

So yes, I encourage parents to give their children an allowance, and not make them do chores in return.

Ashley Stasher

One of the Money Mindset Mob - helping teens get their head around money

Tags: allowance, pocket-money, teens and money