National survey reveals most generous and stingiest parents when it comes to child support – Business News
Almost seven out of 10 parents say they pay their children to do chores.
A new national survey by Finder reveals that the number one reason cited by 46% of parents is to teach their children a sense of responsibility.
More fathers (73%) than mothers (66%) believe that paying for their children’s work or giving them an allowance, and 9% of parents said they would not pay.
According to the survey, 69% agree with giving a bonus or paying for work.
More than 1,100 parents took part in the survey, with 48% agreeing that children should be paid for doing chores, and 21% believing that this should be in addition to financial support.
Fathers in Alberta were the most in favor of paying for chores, with 78% in favor.
Ontario mothers were the stingiest of the unpaid groups, with 16% believing their children should not receive child support or be paid for chores.
However, some financial literacy advocates argue that the pay-for-work approach becomes problematic when children fail to prioritize tasks.
“You can’t fire your kids, so if they disconnect, you’re likely going to have to pick up the slack,” says Romana King, senior finance editor at the Personal Finance Finder site.
BC parents rated “learning how to budget” as the most important lesson for their children, while Prairie fathers in Alberta, Saskatchewan, and Manitoba rated learning the value of hard work as the most important.
But how much should you pay?
Many parents use a dollar as a guide for each year of their child’s age.
On average, Canadian parents pay considerably more, however — $110 per child per month, according to the survey.
“The good news is, it doesn’t matter how much you pay your kids,” says Angelique de Montbrun, CEO of Mydoh, an RBC-backed money management app for kids and teens. “It’s about establishing an easy process that encourages conversation and helps kids develop the skills they’ll need as they grow into adulthood.”
One way to make it easy is to use an app that allows parents to track work done, along with their child’s spending and saving options. With apps such as Mydoh and Desjardins-backed Walo, kids can track tasks, pay and monitor account balances in real time.
“Just like teaching your kids to be polite or grateful, parents have an important role to play in teaching kids about money,” says Walo CEO Rim Charkani.
Finder advises parents to stick to the principles of being playful, having fun, and letting kids make their own mistakes.
“A big part of learning smart money management skills is making mistakes, and learning from those mistakes,” says Charkani.
Finder also has a built-in online job calculator full reportfor parents to know what is right for their children.
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