Implementing an allowance teaches children the value of money, the importance of budgeting, and the skill of saving for larger goals. Over five years, one family observed their children’s growth in financial literacy and responsible decision-making. Their children learned the consequences of impulsive spending and the benefits of delayed gratification, becoming more independent and accountable. Allowances also give parents insights into their kids’ priorities and encourages the development of financial acumen for adulthood.
