November is Financial Literacy Month and according to finder.com nearly 7 in 10 Canadian parents (69 per cent) say kids should earn money to complete chores, and the top reason cited by 46 per cent of parents is to teach their children a sense of responsibility.
Growing up my brother and I received $10 a week. For this we shared family household chores like washing dish-es, laundry, cooking, housework and lawn mowing. Regular family stuff. We always had what we needed – our allowance was for non-essential items, like records, going to the movies – the extras.
An allowance can teach kids about finances, responsibility and the consequences of poor financial decisions. The big lesson to be learned was saving. Having a bit put aside for something extra special, an impromptu invite out or for a gift.