In many countries, parents often provide their children with an allowance. Although the custom can be problematic in some cases, I believe that these issues are negligible compared to the potential benefits of financial maturity. Concerning the challenges, one of the most worrying aspects of giving money to children is that it can engender a sense of entitlement. In other words, this practice might cause them to believe that they have a right to deserve pocket money without any efforts. As a result, a child who is used to receiving financial awards on an unqualified basis will have a higher tendency of growing up as an irresponsible and spoilt as adolescent. Furthermore, the provision of a consistent allowance can enable children to squander on unnecessities. It is not uncommon to see these youngsters to spend most of their time in game clubs or even become involved in drugs due to having extra money. These in turn will have an adverse effect on their future.
However, the above drawbacks are outweighed by the benefits of this practice so long as appropriate conditions are put in place. Firstly, requiring children to work for an allowance through, for instance, assigning home chores should encourage them to appreciate the value of money. This way of upbringing leads them to make a better use of their acquired money on more reasonable matters. Secondly, children who are financially rewarded for their efforts could develop new skills related to money management. If, in contrast, a teenager is never given pocket money, their ability to manage finances in adulthood might be compromised due to inexperience in such case.
In conclusion, despite the entitlement and irresponsible usage of money which an unconditional allowance might bring about in young people, my view is that pocket money with boundaries can promote economic responsibility, which will be of greater importance later in life