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Learning the value of a dollar

Should a child's weekly allowance be given unconditionally? Or should kids have to earn their money by doing specific chores? What are the benefits of a regular allowance? And at what age should you start? In this 1985 CBC-TV clip, we hear what financial experts are advising as the best way to teach your children to successfully manage their money. 
• A 2005 MasterCard Canada study showed that 55 per cent of Canadian parents give an allowance to their kids (between the ages of five and 17). The average is about $16 per week, with amounts varying a great deal according to age - younger children typically receive less allowance, while teens who have more expenses (such as lunches or transportation) receive more.

• Although many parents do give allowances based on household chores or to reward good behaviour, today's experts still largely advocate giving an allowance with no strings attached. "Don't tie allowances to chores," said Marilyn Gootman, author of Loving Parents' Guide to Discipline in a 2000 BusinessWeek article. Every member of the family should contribute to household work simply because they're members of the family, she explained - parents don't get paid for making dinner, so why should kids get paid for making their beds? 
Medium: Television
Program: Midday
Broadcast Date: Aug. 19, 1985
Guest(s): Kathryn O'Hara
Host: Bill Cameron
Duration: 4:00

Last updated: January 24, 2012

Page consulted on March 27, 2013

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