(NBC) -- An old question parents have been asking forever is getting some new attention and a new approach on how to teach children about money.
If kids are on top of their chores, most parents are okay with a weekly allowance.
But the fear of making the wrong decision on allowances is why the old debate rages on.
(Sot/ Dr. Vanessa Jensen / Psychologist, Cleveland Clinic :17 - : 22 )
"There really isn't a right or wrong,” psychologist Dr. Vanessa Jensen said. “You know, generally you want kids to understand what money is"
And understand how to manage money.
"In many cases, kids have no idea about how to handle money until they get to college or in some cases beyond,” Bill Dwight, the “chief dad” of FamZoo.com said.
California's Bill Dwight got so serious about educating his five children about finance, he founded FamZoo.com, developed an app, and prepaid cash cards that handle allowance deposits and withdrawals.
"My objective was to help parents teach their kids the basics of personal finance,” Dwight said.
But to get there, parents have to first get past whether to offer an allowance at all.
"So, again, be clear what the allowance can be used for and what can't it be used for,” Jensen said.
Jensen says even if not tied to chores, allowances should be conditional.
"Some parents will have allowances that they say upfront, whatever I give you, 10 percent has to be saved for charity or a certain amount must be saved in savings,” Jensen said.
That way, allowances also allow for an education.