Pocket Money, Should Parents develop this habit at the tender age?
The word Pocket money reminds us of the tender memories of our childhood days. The first week of the month where kids would eagerly wait for their father who would reward them with pocket money. What looks as a kinder garden activity on the outside is actually a cryptic verse through which a kid can learn one of the most important lessons of life "Essence of money" but unfortunately this habit of giving pocket money is not much rampant in India. Through the cycle of life, one has a tendency to brag about the shortage of money. This is not because we earn less but because we don‘t know the art of budgeting/saving/investing. By giving pocket money we can train the future generation to be prudent in terms of money.
Money can‘t buy happiness but it can make you buy necessity things in life. Same goes for pocket money. The kids can learn on how, where and what to spend. If the kid has a demand which is vague or beyond budget, than the parents can teach him how to save for that demand. From this, the kid can develop the art of monthly cash flows which he will receive and how to utilize the maximum of it. In future if he/she wants to buy a house or establish a business through mortgage or loan, then this monthly deduction for the amortized amount won‘t cause any mental stress. In fact giving pocket money would make them more focused towards achieving their goals. Now when these kids start earning, they already know the Essence of money and thus they take judicious decision to invest their money into something fruitful rather than getting trapped in credit card cycle. They become the owner of their expenditures rather than victim of their desires. In other words Pocket money can make the upcoming generation to be financial educated. The typical one person earning bread and butter for family can be transformed if we teach the kids about essence of money which can only be taught through pocket money at tender age.
We can also develop a new breed of entrepreneurs through this habit. As kids reach adolescent age they enjoy freedom, creativity and the utter will to prove themselves. The spirit of entrepreneurship is crushed by parents and society and they end up joining the rat race. Once they enter the rate race, its only deadlines, monthly reviews sales turnover blah blah!!! and by the time they stand up and make their mind to quit, they have already hit 40‘s.Had they been given pocket money, they would have been more prudent.
In our country there is trend that when people hit their 40‘s they start their business. Every once in while we want to start our venture but we get scared of risk involved. Now risk is something unknown. We are taught to be afraid of the unknown but only way to face the unknown is knowledge. Someone rightly said "A little knowledge is a dangerous thing". Same goes for money.
With right foundation at tender age your whole life can be a more joyful journey than it is now. And also you can enjoy the twilight of your life in peace. But there is dark side too in pocket money. The various hit and run cases, bar brawls and other antisocial behavior shown by people is result of exaggerated money at young age. Silencing poor people voice in various cases when a rich lad is involved is very common but surprising fact is that the parents of the convict bend law with money. Now here comes a new dimension of pocket money which is good parenting. Giving pocket money and observing your kids and grooming them for future which is likely to be uncertain is mantra for parenting at this modern age. By giving pocket money parents tend to become more accountable for parenting. Also it can prevent kids from committing crimes in pursuit of money
Sudhanshu Bhandari
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