Children learn about money, saving, and spending by watching adults with money and through their own experiences with money. Allowances are one way children can gain guided experience with money. How do you know if a child is ready for an allowance? What skills does a child need? What support does an adult need to give?
Read the fact sheet:
- Behal, Patricia, Western Area Specialist, Family Resource Management: Crites, Alice, Northeast Clark County Extension Educator, Should you give your child an allowance? Fact Sheet 00-45 University of Nevada, Reno http://www.unce.unr.edu/publications/files/cy/2000/fs0045.pdf
- Collins, J.Michael (2013) New Strategies for Financial Education for Preschool Aged Children and Families, University of Wisconsin-Extension Cooperative Extension, Issue Brief 2013-10. http://fyi.uwex.edu/financialseries/files/2013/10/New-Strategies-for-Financial-Education.pdf
- Danes, Sharon M. (2013) Children and Money Allowances and Alternatives, University of Minnesota Extension. See Sharon Danes allowance agreement, tracking form and discussion guide for review of allowance expenditures. http://www.extension.umn.edu/family/personal-finance/youth-and-money/adult-resources/docs/allowances-and-alternatives.pdf