1. Help the children understand the value of money and how to use the money responsibly.
2. The money parents give help the children learn to manage money, and they can understand how budgeting, saving and interest work. In this way, they can develop wise spending habits.
3. It helps raise a money-savvy child.
4. Cultivate a spirit of independence and learning to make decision on one’s own.
5. Such goal-setting helps children learn to become responsible for themselves.
6. Children are willing learners, and you will find by giving pocket money, you can get them very interested in whole process of building a healthy saving for the future.
7. Young children especially enjoy watching the money build up in their piggy banks, and they love to take it out and count it. This is a great opportunity to teach your child the different denominations in our currency, and what each coin and bill is worth.
8. It is the beast way to introduce your child to the concept of saving.
9. Money management is seldom taught in schools; it is up to the parents to educate their children in this very important life skill.
10. It is a way to help educate children about personal finance and managing money.
11. Parents don’t have to worry about being constantly asked to buy things for the kids.
12. Children can learn how and why to save money.