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The Consequences of Rewarding Good Grades with Money

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Only 19% of 654 Canadian parents consider the age of 5 to be too young to be given money (Kids Money, 2014). This is a huge problem in today’s society. Kids are easily driven by money and can become spoiled as well as overprivelaged. It would benefit both the child and parent(s) if they do not receive money for good grades. Due to the lack of knowledge, kids are unable to spend money wisely. Their strive for money becomes their main goal and do not realize the importance of their grades. This leads to rushed work also, paying your child is a waste of the money earned by the parents and leads to consequences for their future.

First of all, when kids get money for good grades, they are unable to spend it effectively. A child are more likely to spend money on items such as games, candy or objects of their interest instead of items that could be more beneficial towards themselves. They don’t know how to handle responsibility and have not been taught how to utilize their money. “Economy does not lie in sparing money, but, in spending it wisely” (Huxley, 2014). Children don’t understand the value of money and how hard their parents work to receive enough to provide for them. With this hard earned money, their parents fill their necessities while the kids fulfill their desires. “A penny saved is a penny earned” (Franklin, 2014).

Because kids are unable to use their money effectively, the money of their parents gets taken advantage of and gets wasted. The money that is given to

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