Do parents control kids money choices? According to a T. Rowe Price survey, 94 percent of parents who give an allowance say they talk about how it should be handled.
The result? A majority of kids sometimes spend it all at once and 39% always or sometimes ask for more money.
Lynne says, “In my opinion, telling kids how to spend money doesn’t help them learn about managing money. How would you feel if your employer told you how to spend your paycheck? Kids who are expected to manage their money for both fun and necessary spending will have to make their own choices. The learning will happen as they have to live with their choices.”