It can be easy for younger generations to treat money as an entirely different entity than their parents would have with the use of digital currency.
It's never been easier to simply tap and purchase something and so they're not seeing the physical money depleting when they buy something.
Even from the stage of offering pocket money, ensuring they do something for that money is important so they don’t just assume they get things for free.
That’s according to psychotherapist Richard Hogan, who said when children are given pocket money for free, they won’t appreciate what they buy with it and therefore won’t value the concept of it.
Speaking to Newstalk, he said: “What's really important is instilling in them that you don't just get that money.
“That's a really important thing because they don't value it and then, when they use that money to buy stuff, they don't value what they buy.
“So with your children, particularly your adolescents, it’s about chores.
“Of course, at a certain age, they might not be able to work but I would say … they have to do something to earn that money, like chores around the house or a bit of babysitting or tidying up or the dishwasher.”
Dr. Hogan said children who are given cash for no reason can end up always expecting handouts.
“They don't understand how hard it is to make it,” he said.
“I mean, it's very hard to make money, it's very hard to earn money and then, the money they get, they don't realize that you were taxed on it to get it.
“It's really important for them to understand that money doesn't come easily and that you have to earn it.
“You have to go out and work for it.”
Aside from this, Dr. Hogan also you should make sure to teach them to understand that the nice things you provide like holidays or events “actually required a lot of work to make that happen”.
“That way, they're not going out there with an expectancy that things just land in your lap and thinking life is like butter, you just go out there and money just lands in your lap,” he said.
Whether your child is very young or heading into their teenage years, this expert has emphasised how important it is to instill the value of money into your child.
