CFR Staff Therapist, Dr. George James, Contributes on Fox29 News Philadelphia
October 28, 2019 | Dr. George James weighed in on Fox29 News Philadelphia segment on their study that found that on average children receive $30 a week for allowance. That amount represents a significant increase from a decade ago. The findings of the study prompted a debate about whether children should have to earn their allowance, whether parents should give allowance at all, and if so, how much.
Some of the pros of giving an allowance are that it can provide positive reinforcement for good behavior or completing chores, as well as a means to teach children about budgeting. The study, however, revealed that children are spending their allowances immediately, on apps and games, opting for instant gratification purchases instead of planning and saving.
George shares the technique he plans to implement in his own family when his children are old enough to receive an allowance. He offers his advice for parents who want to give an allowance while instilling good budgeting habits.