Teaching kids financial responsibility
WHAT: The Menges family (from left) Terri; Caitlyn, 4; Evan, 7; and Jamie
WHERE: Their Dublin home
WHEN: July 1, 2016
THE BACKSTORY: Ah, the age-old allowance debate. For as long as there's been money, parents likely have wrestled with the idea of how much to dole out to their children to teach them financial responsibility. There are almost as many opinions on the topic as there are parenting styles. Some families pay for chores. Some pay for good grades. Some don't tie an allowance to anything and instead use it as a teaching tool.
The Menges parents have opted for the latter. Jamie Menges, a Certified Financial Planner at PDS Planning in Columbus, said an allowance ultimately fosters accountability. Evan and Caitlyn are holding some of the jars they use to divide their money into save, spend and give allotments. Evan puts his allowance and any other money he receives in the jars, while Caitlyn-who does not yet get an allowance-puts other cash she gets into her containers. In addition to Menges, we talked with a developmental and behavioral pediatrician and another local family to get their takes. In the end, there's no exact right (or wrong) way to handle the issue.