Many agree that administering an allowance to children presents them with an opportunity to learn money management skills and financial literacy. In addition, household chores give them a sense of responsibility and prepare them for the real world. But should parents pay their children to do these chores? The experts are divided.

There are pros and cons to this strategy. Here are a few to consider as you make an informed decision:

PRO #1: Money can be a great motivator. It can encourage your children to be more active, thereby requiring less nagging. This incentive can also be long-term; as your children acquire money, they see it add up, giving them a sense of accomplishment. They can also learn the value of saving their money and budgeting.

PRO #2: Paying for chores helps children associate earning money with doing work and putting in the time and energy. Being paid for their contributions also helps them develop a respect for earning money, and it’s a form of positive reinforcement.

PRO #3: Children learn that life is not just about play, but also, work. If they don't complete the chores, it's quite simple; they don't get paid. They learn the value of putting in the effort, and that you get what you put in, as the saying goes.

CON #1: Yes, money can be a motivator, but some experts question if this is the right strategy. When you reward a child with money, it’s an external experience, and they learn to be dependent on the validation from others. Instead, children should internalize motivation and build their own sense of goodwill by pitching in around the house.

CON #2: Paying for chores won’t work if your child suddenly doesn’t value money enough to complete the chores. They may value their own time and freedom instead. Then what? How will you teach them to be a contributing member of the family?

CON #3: Rewarding chores with money may lead children to subconsciously feel they’ll be rewarded for everything. They may in fact learn to expect it. It may place too much value on money itself.

There are varied opinions and judgements pertaining to this topic, but at the end of the day, you need to do what’s right for your family according to your own values. Either way, it’s important to remain flexible. You may try one strategy, and if it doesn’t work, you’re always free to make necessary adjustments.

You may also consider a hybrid approach. You can ask your children to contribute by doing certain chores without being compensated. Then you introduce the notion of “family duties,” such as fixing their bed or keeping their room clean, for which they’re compensated. It can be framed as chores versus responsibilities. That way, children understand that being part of a family means pitching in to help one another, but they also receive an allowance for some of the work they’ve done. They feel accomplished, and also learn vital money management skills.