Financial experts and psychologists break down the pros and cons.
How early, you may ask? Yudina recommends following their lead and discussing money with them as soon as they express a curiosity about it. "that children begin to grasp money concepts by age three and that many of their money habits are set by age seven. That's why we encourage parents to start teaching their kids about money as soon as possible," with Yudina recommending these conversations begin around age six.
: "Rewarding children for their efforts encourages kids to acquire an appreciation for the value of hard work."Still, Moses notes that "the incentive should be proportional to the task and appropriate for the child's age group," adding, "It's just not feasible for most families to pay children a lot of money for simple chores. If you're going to pay your kids to do chores, make sure it's fair in terms of both your budget and the complexity of the task.
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