Some parents provide money for certain expenses with their minors when they think that their young adult has matured enough. However, not all teenagers get an allowance from their parents.
Most young adults should get an allowance from their parents for a wide variety of reasons.
Providing an allowance has other value besides monetary because it teaches teens how to manage money. The skill of managing money is important because in the real world young adults have to know how to budget, so teens do not spend all their money at once or spend their money on the wrong things. Without this skill a lot of things could go wrong as an adult in the real world.
Most parents give their young adults an allowance as a learning tool, so they learn how to save for things they want. The skill of saving is also very important because if people just go out and blow the rest of their money that they did not spend on the necessities of life, then they will not have money for the things that they want.
Parents might not trust their teen with an allowance because he/she seems too irresponsible. If young adults are not taught how to manage money while the natural consequences are not as severe as they will be later on in life, then they might end up on the streets as an adult because they were not taught how to manage money as an adolescent.
Parents and their teens can sit down and determine how much money to give the teenager and discuss what they are going to keep them accountable for buying and how often they are going to receive the allowance.
Parents should want teach their young adult how to manage money since teachers do not teach this skill at school. Learning to manage and budget money is trial and error and an experience all teenagers should have.
Allowances help teens in the real world as an adult since they’ll know how to manage money and how to budget with a certain amount.
Written by Kiaya Brack