No Stupid Questions 105. Should You Give Kids an Allowance or Make Them Get Jobs?
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Jun 26, 2022 Should kids receive an allowance or earn their keep? The hosts dive into the pros and cons of both approaches, adding a sprinkle of humor along the way. They reflect on childhood entrepreneurship and how those early money-making endeavors can shape future financial habits. The discussion also highlights the psychological impacts of earning versus receiving money. Finally, they explore how childhood experiences, especially relationships with parents, influence long-term success and mental health.
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Allowance Systems
- Consider various allowance systems, such as tying it to chores or giving it unconditionally.
- Research different approaches to find what best suits your family and financial goals.
Limited Research on Financial Education
- There's limited scientific research definitively proving the best way to teach kids financial responsibility.
- Angela Duckworth emphasizes the lack of random assignment studies on this topic.
Childhood Self-Regulation Predicts Adulthood Self-Regulation
- Self-regulated children are more likely to become self-regulated adults.
- This was a finding from a longitudinal study co-authored by Angela Duckworth years ago.