Listening

Warm Up

Helpful Words and Phrases

Listen and repeat.

  1. an allowance
    • ex. Ben spends his allowance on ice cream after school.
  2. financial
    • ex. The family has financial problems, so they cannot buy a new car.
  3. deposit
    • ex. I deposit my money in the bank to keep it safe.
  4. prepaid
    • ex. We have a prepaid ticket for the bus, so we can ride without buying a ticket every time.
  5. a debit card
    • ex. You can use a debit card to get money from the ATM.

Article

Read the article below and answer your tutor's questions.

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A new study from Wells Fargo found that 71% of parents with children aged 5 to 17 give an average allowance of $37 (about ¥5,500) each week. Most parents believe that having an allowance helps kids learn how to spend money. However, 51% of parents say it is hard to talk about money in a way their children understand. Many parents also find it difficult to let their children make financial mistakes and learn from them.

The study also shows that most parents still give cash as an allowance. However, many parents use digital payment methods too. Some send money through apps. Others deposit money into a bank account or give their children a prepaid debit card. These new ways help children learn to manage money both in cash and online.

Louann Millar from Wells Fargo says an allowance is a helpful way for parents to teach money lessons. Every week, parents can use this chance to discuss the difference between needs and wants. Millar explains that children today have different financial experiences from their parents. But parents have the responsibility to support and guide children toward smart money habits.

This material was based on an article by The Associated Press.

Discussion

Choose a topic and discuss the questions with your tutor.

Children’s Allowance

  • Many parents believe that having an allowance helps kids learn how to spend money. Do you agree with them? Why or why not? Discuss.
  • Many parents say it is hard to talk about money in a way their children understand. Do you think it is easy or difficult for adults to talk about money with children? Why? Discuss.
  • A new study says 71% of parents with 5 to 17-year-old kids give about $37 (about ¥5,500) a week in allowance. What do you think about this (ex. it’s too much, it’s enough)? Discuss.

Smart Money Habits

  • What do you think are some smart money habits (ex. saving money, having a budget)? Discuss.
  • How did you learn about your money habits (ex. from my parents, from experience)? Discuss.
  • There are new ways to help children learn to manage money, both in cash and online. Why do you think it’s important to learn how to manage money online? Discuss.