Should children get pocket money?

Pocket money is money given to children to cover their petty expenses.

This amount of money can be given by the parents daily, monthly or weekly. In this modern world is it  important to give pocket money to children? Let us discuss the pros and cons.

Here are some advantages of giving pocket money:

According to me giving a certain amount of money for an older kid is necessary, but may not be in the name of pocket money. Money will definitely help the kid in emergency situations and gives a sense of independence to some degree. It also helps the kid to learn the value of money. He will learn the concept of planning, prioritizing and budgeting. 

A kid can learn to Manage things. He can think positively. He may open a bank account and start planning his future and come to know about the importance of savings. So in a way, we are teaching them finances.

It will teach them that money does not grow on trees and they need to earn them. They will understand that nothing comes for free. We should make them earn their money by helping the adults in cleaning, or washing the dishes. But once they have done the work, be sure to pay them properly or else they may lose interest. When they are getting pocket money, they will perceive these jobs as a reward and not a punishment.

Children may learn to shop around for the best price.

Disadvantages:

Children may end up buying too many unnecessary things. They may get used to it and may, except pocket money for every good deed they do. Children may believe that it is their acquired right.

If children get pocket money for helping with domestic work, they may not understand that doing this is their duty.

Children may misuse the given money for gambling, buying video games etc.

Conclusion:

Explain your children, what the pocket money is for and what it is not for. Pocket money should be given at times and not on a regular basis. It should be neither too less or too more compared to their friends. If it's too less, then may start developing inferior complexity and if it is too more, then they may start over spending.

Pay what you can afford.