Thursday, March 29th, 2012
A new study conducted by the financial education and family planning group DoughMain.com has found that parents are divided on whether children should earn allowance as a reward for doing chores. According to the study, an overwhelming 89 percent of parents revealed they assign chores and 51 percent give an allowance — but only 21 percent of those parents that provide allowance said the primary reason for allowance was recognition for chores.
Twenty-six percent of the parents surveyed also said they give non-monetary rewards, like extra television or computer time, as a reward for the completion of chores.
The study’s authors argue that parents should connect chores and allowance, because it has the dual purpose of rewarding helpful behavior and teaching financial responsbility.
“We believe many parents are missing a critical opportunity by connecting the two into one powerful chores and allowance system. For many children, allowance is their only form of income, and we think when connected to chores, this type of responsibility is also instrumental in learning good financial management,” said Ken Damato, president and chief executive officer of DoughMain, in a statement.
Image: Piggy bank, via Shutterstock.