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Kids and allowance: A good idea or not?

Today's find on Daily Grommet is ThreeJars, a website that helps kids learn about managing money and give to those in need. As I was checking it out I kept thinking about this whole idea of an allowance.

We don't give an allowance to our almost five year-old daughter but many of our friends do. In one family the kids have to get their chores done for the week in order to get their allowances; another friend gives her six year-old son a few dollars a week, as long as he saves some of the money. I'm really conflicted on this.

On the one hand, I think it's our job, as parents, to help our daughter learn about saving, managing, spending, and donating money. I can go on for way too long about this topic, but I think these are the kinds of skills schools can do a better job teaching. On the other hand, I think we can teach her about money without paying her and I don't love the idea of tying the allowance to chores. We're a family, each of us has to pitch in, and no one needs to get an allowance to do it. (I certainly don't!)

What do you think: Is allowance a good idea for kids? Vote in our poll or share your thoughts in the comments.

[polldaddy poll=1450667]


Learn more about ThreeJars' system to teach money management to kids here.

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