April 12, 2016
Why Parents Shouldn’t Use Allowances as a Behavior Motivator
"Rather than paying money for household chores, we might consider Pink’s three nonmonetary motivators: giving children tasks they are allowed to do in their own way and at their own pace, as well as tasks that allow them to get good at something and that need to be done for the good of the family. In other words, children must do chores not to be paid, but because they are important, contributing members to family well-being.
This is not to argue, however, that parents should not give a regular monetary allowance to children. They should, and the amount should go up with the child’s age. But the allowance is not contingent on performance. Instead, it is paid–and paid regularly without argument or evaluation–as a way to teach children how to manage their money. That is, what it can be used for, and how to prioritize and manage these various uses." Eleanor Blayney (@EleanorBlayney) is consumer advocate of the Certified Financial Planner Board of Standards.