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.
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