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  •  Children given an allowance less likely to save? (1+ / 0-)
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    PSzymeczek

    Of course I'm a baby boomer so maybe the object of giving kids an allowance has changed, but I was given an allowance so I could buy what I wanted to buy: as opposed to what my parents wanted me to want if they were buying it for me.
    That meant I had to wait to accumulate the amount I needed for that object. It also meant that if I squandered it on other things, it would take longer and longer to save the correct amount.
    The lesson was instant gratification vs. gratification later on. Like the marshmellow experiment with toddlers: wait to eat the marshmellow and get 2 later, or eat the one in front of you now.
    It was never about saving money just for the principle of saving. My baby-sitting money was a separate issue but all and all it was about learning descretionary spending.
    Apparently some of our CongressCritters, Social Scientists and former Presidents did not learn that particular lesson very well.

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