5 Mistakes Parents Make When Giving Kids an Allowance
Roughly half of parents still aren’t giving their kids an allowance by age 8 — and experts say that’s a mistake. Palmer recommends doing it “as soon as they grasp the concept — around 5 years old or when they start kindergarten” and Falco says you should do it “as soon as they can count money,” which is around four or five years old. This way, money — and an appreciation for things like saving it and what it is used for — become a part of their lives very early on. “The sooner they learn, the more likely it will stick when it matters most,” says Eric Pucciarelli, the vice president of oXYGen Financial in Atlanta.
MarketWatch, October 1, 2019
