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Pocket Money for Good Grades, Not Chores

A nationwide survey in India has revealed 50 per cent of parents felt that the best way for children to earn money is by rewarding them for good grades.

According to Brett Morgan, country head, branch banking and private clients at ING Vysya Bank, “Indian parent’s outlook towards giving money to their children is unlike parents in the west, who treat pocket money as a reward for household chores. Indian parents instead use it as a way to reward better grades and [a] higher degree of responsibility.”

It’s interesting to see that these survey results highlight some cultural differences towards parenting compared to western society. But more interestingly, with the multicultural melting pot that is the UK, will there be an increased emphasis on incentivising children to get better grades rather than completing household chores in the future?

The subject of rewarding good behaviour – whether it is for completing chores or scoring good grades – is a lively topic among many households. On one hand, some parents don’t feel financial rewards are appropriate for things they expect their children to do – like help out around the house or study or get good grades. While on the other hand, some parents think it’s a good motivator and will teach children to work hard and they’ll reap the returns.

There is no 'right and wrong'; it’s simply what works best for your family.

Regardless, if you do choose to reward children for doing chores or good grades – make sure you set clear rules to ensure they have earned their rewards. This gives them the responsibility of earning their own money for their own benefit.

Let us know what you think - do you or will you reward children for getting good grades instead of doing chores? Or both?

goHenry, a unique earning, saving and spending solution. Perfect for parents with children from 8-18.

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