1123AllowanceTeachesMoneyMa.cfm Allowance can teach money management skills
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Allowance can teach money management skills

Parents who wrestle with the idea of whether or not children should have an allowance from household finances are encouraged to consider the value of discretionary money as a financial management tool.

"Children who have a small allowance--money they can use as they wish--will typically make saving and spending mistakes and learn from them," said Carol Young, K-State Research and Extension financial management specialist.

Making money management mistakes at a young age (and with limited funds) allows children to practice and build on their financial decision-making skills and grow into managing larger funds responsibly as they grow into teen years and young adulthood, Young said.

More information about family financial management is available at K-State Research and Extension offices in each of Kansas' 105 counties and online at www.ksre.ksu.edu/financialmanagement or www.KansasSaves.org.

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