Table of contentsThe concept of “allowance” The advantages of letting your children manage their money1. Allowance teaches children the value of money2. Allowance can teach your child the importance of financial decisions3. The allowance can cause your child to make financial mistakes. Disadvantages of giving your child their own money1. Allocation can communicate the wrong lessons2. The allowance can cost you a lot of money.3. Allowance can be another parenting task that needs to be managed thoroughly. OTHER SOURCES: Money can't buy you happiness, but you can't survive without it either. This is why it is very important that we are properly informed when handling money. As we reach adulthood, more and more responsibilities present themselves and budgeting becomes as important as survival. But at what age should you learn the basics of handling money? Do we all agree that children should know the importance of financial management from a young age and that parents should pay them a child allowance?Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get an Original EssayThe Concept of “Allocation”The concept of financial management differs from culture to culture. For example, in the article titled “6 Financial Expectations of Asian Families” published on the Frugal Asian Finance website, it is mentioned that Asian children are expected to support their parents after graduating from college and getting a job. They have been introduced to a culture in which children feel a strong obligation to return what their parents have done for them when the time comes. This claim parallels what University of Arizona researchers found when they studied cultural differences in parenting practices among Asian American families. The results suggest that families have a significant impact and contribution on how Asian children decide in terms of financial aspects. Asian parents support their children and give them what they need, including allowances, even if they are barely surviving. On the other hand, the concept of allowance differs for families moving to the western part of the world. Websites such as the Washington Post, CNBC International, and US News have all reported that the concept of entitlement means two things to Americans:; 1.) it's the payment kids get for doing wonderful tasks and 2.) it's money they can use to buy whatever they want. Through these applied concepts of allocation, parents expect their children to learn the value of money. However, it turned out that the allowance is not as common as one might hope in America. According to a survey by CreditCards.com, only 40% of American children under the age of 18 receive an allowance from their parents. In an interview with the Washington Post, Ted Rossman, industry analyst for CreditCards.com, said he was surprised by the survey's outcome. 61 percent of these children receive their allowance in cash while 10 percent of parents pay allowances to their children via mobile apps. The survey also found that households with higher gross income are more likely to provide financial education to their children. However, only 1 in 4 Americans said they received no financial lessons from their parents. Is it worth it