Giving pocket money is very common in many countries. Discuss the advantages and disadvantages about the practice and your opinion on it.

Allowances given to children are quite customary in the majority of countries. While

such

trend incorporates confidence, responsibility and financial literacy in youngsters, it can

also

lead to misuse of the

money

. In my opinion,

pocket

money

is a beneficial practice when the given amount

is in moderation and parents oversee

Suggestion

oversees in moderation and parents

is in moderation and parents oversee

the spending. One evident benefit of

pocket

money

is that children would learn to manage

money

wisely. The earlier they become financially literate and learn to handle

money

, the more financially stable they will be in the future. By getting their own

allowance

, youngsters grasp the concept of how

money

is earned and learn

basics

Suggestion

the basics

to

prioritizing

Suggestion

prioritize

.

That is

,

for example

,

to whether spend

Suggestion

whether to spend

all their

allowance

on an expensive toy, or save it in their piggy bank for something more worthwhile,

such

as a

cellphone

Suggestion

cell phone

. Another point to consider is that

pocket

money

boosts children’s confidence. It gives them a feeling of independence, as they will be able to tackle part of their financial matters by themselves. As

such

, they will grow into adults with an increased self-esteem compared to their counterparts.

On the other hand

, children can abuse and misuse their

allowance

. The financial freedom can result in youngsters, particularly teenagers, using their

money

on tobacco, drugs, or alcohol. Being immature and impressionable they can easily take advantage of the situation, which can ultimately be detrimental to them.

Moreover

, having an excess of

pocket

money

can encourage them to indulge in unnecessary activities. If

money

would not be an issue, they could spend most of their time in recreational activities that could negatively impact their academics in the long run.

Finally

, I believe

pocket

money

is an essentiality for every child.

However

, the

allowance

ought to be not only given in moderation, but

also be

Suggestion

also is

is also being

supervised by parents on how and where was the expenditure was made. In conclusion, even though there are

few drawbacks

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a few drawbacks

of giving children

pocket

money

, the benefits of

earned

Suggestion

earning

responsibility and higher self-esteem far outweigh those disadvantages.