pocket money for students??!!

Teach kids the value of pocket money

Psychiatrists say children need to learn the importance of money  Somita Pal l Mumbai

Manish Sikand, 14, is a movie buff and goes to the theatre every weekend with friends. He is also a party animal and frequents the liveliest nightspots in the city. How does he fund all this? Pocket money. Worried about his frequent demands for money and his habit of overspending, Manish’s parents took him to a psychiatrist who advised them to keep a budget and involve Manish in the process.     Parents should teach children the importance of money before giving them pocket money, say psychiatrists. “We get two kinds of parents, one who don’t want to give pocket money to their child and the other who give too much. It’s fine to give pocket money to one’s child, but it’s important to supervise how he/she spends it,” said Dr Parul Tank, head of psychiatric department, Rajawadi hospital, and consultant psychiatrist at Fortis hospital.     Citing Manish as an example, Tank said, “His parents gave him Rs500 a week but never monitored his spending till other parents called up to inform that Manish had started borrowing money from their children. He spent more than Rs2,000 a week. When his parents refused to give him money, he borrowed.” Doctors say giving pocket money has become inevitable, but it also gives an opportunity to teach the child important lessons. Unsupervised spending, however, may lead to deviant behaviour. Dr Harish Shetty, consultant psychiatrist, LH Hiranandani hospital, said, “Involve the child while making your home’s monthly budget. Take his/her suggestions. This will help the child understand the importance of money.” “You may be rich but your child should understand how you earn that money. He/She should value it. Pocket money is an opportunity to teach children the basics of finance and accounting in a manner they will never learn elsewhere,” he said.     Doctors say working parents generally give pocket money to their children out of guilt for not spending enough time with them. “This should be avoided. Working parents feel guilty about not spending enough time with their children, and try to compensate by fulfilling all of their children’s demands. The children then get habituated to such pampering and start throwing tantrums. Their demands start becoming unaffordable as they grow up,” said Dr Fabian Almeida, child psychiatrist. “A healthy discussion on spending is the only way to make your child responsible when it comes to money,” he added.

Published Date:  Jul 14, 2012        Courtesy (visited on 14.7.12)

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