In The Atlantic, J. Michael Collins, Fetzer Family Chair in Consumer and Personal Finance and professor of Consumer Science, weighs in on how families use children’s allowances to teach about spending and saving money. The article traces allowances back to the 1920s, when parents hoped weekly payments would help kids understand limits and budgeting. A century later, allowances are still common, but they’ve evolved. Some families now use apps, debit cards and even investment tools to teach children about credit, subscriptions and saving. Collins highlights that for many working class families, allowances are less about financial training and more about real-world budgeting and managing money—giving kids a set amount teaches them they can’t always ask for more. While research shows mixed long-term impacts, the takeaway is clear: Allowances reflect parents’ broader anxieties about preparing kids for an increasingly complex financial future. Thoughtful conversations about money, not just...