36% children don’t get pocket money as their spending habits worry parents, finds survey

Parents ensure kids live on empty pockets

36% children don’t get pocket money as their spending habits worry parents, finds survey

Often a big reason for arguments between parents and children, the concept of pocket money is fading away. Parents hesitate to dole out pocket money to their children, a recent survey has revealed. The survey by Edumedia revealed that 36% of children in the city do not get pocket money; 39% get less than Rs500; 13.6% get between Rs500-1,000 and just 5.3% get Rs2,000 or more. Experts said parents are insecure about how children spend the pocket money. “Either the parents buy what the children want or give them money on an ad hoc basis. Children also get money during occasions or festivals,’’ according to the survey conducted among 507 respondents as part of Edumedia’s Decoding Kids initiative. Deepa Raikar told DNA she has stopped giving pocket money to her two children. “I gave Rs200-300 to my elder daughter initially, but then my six-year-old son also began demanding pocket money. I was worried that I may not have control over their spending habits. So, I buy things for them myself,” the Andheri resident said. Shreyasee Roy, a resident of Ghatkopar, says her 13-year-old son gets only Rs100 per month as pocket money. “Children forget that the money they get is their parents’ money. Freedom to spend pocket money can encourage unhealthy habits such as falling prey to soft drugs, bribing other children to get work done, etc. Pocket money can also lead to fights and unhealthy competition among children,” she explained. Psychiatrist Harish Shetty said it was good that parents were dealing with the issue of pocket money responsibly. “Access to unlimited disposable cash can ruin the behaviour of children as well as affect their mental health,” he said. However, educationist Arundhati Chauhan feels parents should teach money management to children. “Having pocket money allows them to make their own financial decisions, thereby creating a sense of independence and providing them an opportunity to spend thoughtfully and save,’’ she said.