Celebrity parents
Larsa Pippen gives her daughter a $2,500 monthly allowance
Should kids have such large allowances? Here’s what we know
Larsa Pippen, known for her role in “The Real Housewives of Miami,” has revealed the allowance for her teenage daughter, Sophia. Pippen revealed that Sophia has an allowance of $2,500, a sum that surprised a lot of people due to the fact that the teenager is 15 years old.
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Pippen was featured on the reunion of the reality TV series “The Traitors,” where she discussed her role in the show and other details, like her daughter’s finances. After revealing that Sophia has acess to $2,500 a month, she argued that Los Angeles is a very expensive city. “You guys understand, like, LA is super expensive. So, like, after school, she orders food or Uber or, like, you know, buys presents for her friends’ birthdays,” she said.
Pippen shared that Sophia’s allowance isn’t her only source of income, that she also has various partnerships and endorsements thanks to her modeling work. “She literally makes money, you know?” she said.
The conversation has sparked a bit of a debate, with many believing that an allowance that high is not necessary for a teen. Francyne Zeltser, the clinical director of psychology at Manhattan Psychology Group spoke to Today.com and revealed that every family is its own world.
"One family's $2,500 allowance might be equivalent to another family's $25 a month," said Zeltser. “Sometimes it's about affordability."
More about kids’ finances
Allowances are very common, with 79 percent of parents giving some form of them to their kids, per the 2022 Rowe T. Price Parents, Kids and Money Survey.
The study found some pros and cons associated with kids and allowances. For example, these kids felt more confident when having the ability to manage their money and finances. They also learn from making financial mistakes. Still, there were some cons. If kids received an allowance unrelated to chores, work, or good behavior, then their understanding of money wasn’t better than that of their peers without allowances. In fact, kids with these types of allowances and financial freedom performed worse on financial literacy tests.
