They need to have tangible money and a means to conduct their own transactions -even as we move more into the digital age. They should have responsibilities or allotments for their money such as giving and saving, spending they seem to pick up quite easily. As far as how much to give them, and what to call it when you give it to them (Allowance, commission) and whether you pay them for their chores,grades etc… I don’t really have an opinion.
I will say when my daughter was younger – I put her to work managing the money and paid her for it. She paid real business expenses, balanced my real books etc, opened the mail, made note of how much electricity and gas and other utilities and necessities were etc.I reasoned I was employing her at the same time I was teaching her. I think if I hadn’t had a business, I would still have become creative enough to pay her to actually do the work and learn from it. I see I failed her in the grocery shopping department – but then I always hated going to the grocery store and rarely made lists. She’s in the situation now where she has to carefully budget and grocery shopping /planning is a problem for her.