Moneypants vs Allowances

This week we are hosting a match: allowances versus Moneypants. The majority of Americans believe it is critical for parents to teach their children to be financially responsible. So, most parents pay their children a weekly allowance with the expectation that it will teach their children to be financially savvy. But is this approach actually working? How well does an allowance actually prepare children to become financially responsible adults? We will break down exactly what qualities make an adult financially responsible. We will then be comparing an allowance with the Moneypants approach and show why Moneypants clearly beats out an allowance every time. We will also discuss why some parents have decided to forgo paying their kids entirely, and why that is a mistake.

 

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