American parents usually think that their child should not have more pocket money than the children with whom he regularly connects, even if they are wealthier.But neither are children expected to compare with the richer if a large family, heavy responsibilities, or other conditions make it necessary to give a child less spending money than is customary  in the neighborhood. Whatever the pocket money is, its entire use is not controlled by the parents, because a child learns to use money correctly only through dealing with it himself.If a seven-year-old child gets a quarter as a week pocket money and is made to put it all in his _ to save it up, he gets no idea what the real use for the money is.He gets the shiny coins and they soon disappear. The idea of a bank account is too early for so small a child, although he can be made to understand and enjoy saving his coins--not all of them, only a part of what he receives--to buy something he especially wants.By the time he is eight he is old enough to take part in the opening of his own savings account, parents may take him to the bank, open a savings account for him and encourage him to put a certain quantity or any checks he receives as gifts into the bank and watch his bank savings grow as entry by entry  is made. He will be saving, earning, and spending suitable quantities all along in order to learn how to manage money and to keep him in a favorable position with his friend.The boy who can't join his fellows in a sweet shop once in a while, because he has to save every cent he gets or earns for some big unknown project his parents have chosen for him, is a sorry child. Which of the following statements is TRUE?
Most of the rich people in America give children much pocket money. American children usually have their bank accounts until they are eight. American parents seldom care for their children's spending money. American children begin to learn how to manage money when very young.