Pocket money has and always will be a contentious issue with parents.
While some parents believe pocket money should be earned with chores around the house, others think the practice is ridiculous.
But according to the Barefoot Investor, parents should give their children pocket money on just one condition – that they work for it.
The author also shared that children are struggling to understand the practice of earning and saving money as they are not handling physical cash.
Pape’s theory, which involves using three jam jars, aims to teach kids the link between working and earning money.
He recommends creating a spend jar, a give jar and a smile jar, so children can physically see where their money is going.
“It’s more important now with money becoming invisible so for me using jam jars makes sense,” he told news.com.au.
“They want to see the money and have a direct link between work and the money piling up.”
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Pape has also previously spoken to Mamamia about the importance of teaching your teenagers about financial independence.
The author insists that once children reach the age of 15, parents should force teens into a job.