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

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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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