![]() An allowance journal will have a record of all income and expenditure. The key is to make your child maintain an allowance journal. If you are worried as to how the money will be spent, start with really small amounts of pocket money. Maintain a journalĪll things considered, it is a good idea to introduce the concept of pocket money or allowance to children. However, the Indian elite looks down on work of such nature. In the US and other developed countries, high school students, including kids of wealthy and powerful folks, engage in part-time work waiting in restaurants, bagging groceries, and so on. The kids grow up unaware of several life skills, personal finance being one of them.Īnother interesting difference between the western worldview and the Indian one is regarding part-time work by high school students. ![]() While there is merit in insulating kids from the vagaries of life, there is a significant downside to this as well. However, in India, the kids are carefree and cocooned from the realities of life till they become adults. When you have a loan to pay back, it is easy to become responsible fast. Contrast this with the US, where most students take a loan to pursue a college education. We pay for their undergraduate college tuition and in some cases even postgraduate college expenses. Which school of thought is correct? Here is our take on this eternal question.Īt the risk of over-generalizing, Indian parents are rather protective of their children. On the other, some parents believe that giving allowance to kids and making them accountable for how the allowance is spent, makes the children financially disciplined. ![]() On one end of the spectrum, the skeptics see children getting spoilt with all the pocket money they are getting. Parents in India are divided over the issue of giving an allowance or pocket money to their kids.
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