Allowance for Kids: To Give or Not to Give?

One of the most unrelatable conversations to have with the majority of parents in my part of the world is that of giving an allowance to kids. Not for any reason of choice or not, though that could be the case in some situations. The major reason is that more than half of the population are basically living to survive and the income parents make is certainly channelled to providing the basic needs of the family. So, this conversation is far from the reality of many.

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Thankfully, the prompt left it to the option of possibility, hence what would one do in such a case? Would you place your kids, your children on allowance? Or would it be something to not consider given even the fact that you provide for their basic needs and essentially what they need? And it leaves the question, what would they then need this allowance for, given they have all they need provided?

You would agree with me that just as the reality is in my part of the world, where people don't have enough to consider such, it's the reality of many. From the family that is barely getting by each day to the ones that could afford to make enough for basic needs only, should they be expected to consider this option? I don't think so. In that case, it leaves a gap in this conversation, and this is, the option to give one's kids an allowance lies mostly with those who tend to have enough.

Well, maybe not this category of people alone. But what do I think about placing my kids on allowance? I think that I'll first make them understand responsibility and how every cent, every naira, every dime matters. I'm not saying placing them on allowance is an automatic route to recklessness and wastefulness. In most cases though it happens to be so, especially when the children aren't taught the dignity of labour, the value of resources and why prudence in finance matters.

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It's not even then about whether they'll be placed on allowance or not, yet. It's about instilling the right attitude and discipline in them as it pertains, to finance, labour, resources and getting them to become responsible early enough. When a child learns responsibility and all these aforementioned, placing them on an allowance wouldn't be just giving money out to them to spend, but a test of their financial lessons, discipline and responsibility.

The issue is, kids mostly aren't expected to be responsible early enough, ignoring that they can be reckless and wasteful early enough too, which is easier. Should my kids be placed on allowance, it would be more than just money for spending, but a financial training. And more than that, they'll learn to make their money through skills, creativity and other legitimate means early. Not something heavy, but something to give a sense of responsibility, ownership, dignity of labour and financial discipline.

Thank you for reading!