Giving money as a gift to youngsters has been widely debated. Some people believe that this form of gift may cause children to have a materialistic mindset. In my opinion, although giving money to children excessively may influence children in a negative way, children can also learn on how to handle personal finance by saving up the money. I believe the overall benefits of giving money as a gift outweigh its drawbacks.
One major reason why giving money as a gift to youngsters is beneficial is that it teaches children on how to handle personal finance from an early age. By teaching children to save money, they may also learn on how to plan their expenses and build a sense of responsibility in keeping their own money. For example, young people will realize that if they want to purchase an expensive toy, they would have to reduce their expenses so that they can save more money. If children are not aware of personal finances, they would just end up begging from their parents.
On the other hand, some people believe that children may become materialistic if they often receive money as a gift. Since money can only be differentiated by its amount of value, children may eventually lose interest if they think that the money is too low. However, this negative mindset can be prevented by teaching children the power of saving money in the long run. For example, the value of a one dollar bill may not be a lot, but if children is used to save their money, they might eventually save enough to buy a more expensive things. Therefore, children can learn the importance of saving up money instead of becoming materialistic.
In conclusion, while giving money as a gift may influence children’s mindset in a negative way, I believe the advantages outweigh its disadvantage. Young people can learn on how to handle their personal finance and develop a sense of responsibility over their own savings.