I'm working up north today, so I'm on break and writing from a Starbucks located in one of the posh burbs. The place is packed with preadolescent and early adolescent children here on their own, buying those $5 frozen drinks. I wonder: do they receive allowances or do they have expense accounts with generous advances?
I favor set allowance over handing a kid a credit card or irregular replenishing of a debit card. I know that some parents will offer their arguments for the latter, but I think there is more value in setting up some firm parameters and letting the kid make financial choices within those parameters, instead of constant negotiation or giving in willy-nilly. A few chores aren't a bad idea either, though I suspect there aren't that many chores to be done with all the hired help many of these families have. Moreover, schedules may be so packed with formal activities, there may not be much time left for chores.