Money given to a child at some regular intervals, to use as the child chooses.

Parents differ in their opinions about giving allowances to their children. Some parents believe that they should provide for the material needs of their children. They think there is no reason a child should have to manage money until they are old enough to understand the working world and mature enough to make responsible purchases. Other parents feel that giving their children allowances is a good way to teach them about money and financial responsibility. If parents decide to give their children allowances, there are several methods of handling the issue. How much they receive, how often they receive it, what they may spend it on, and whether the children must "earn" their allowance by completing chores at home are all things for parents to consider.

Children...