Essence Evans explained herself in a lengthy post on Facebook, arguing that she's preparing her five-year-old for the 'real world'.
'I MAKE MY 5 YEAR OLD PAY RENT. Every week she gets $7 dollars in allowance. But I explained to her that in the real world most people spend most of their paycheck on bills with little to spend on themselves. So I make her give me $5 dollars back. $1 for rent $1 for water $1 for electricity $1 for cable and $1 for food. The other $2 she gets to save or do what she wants with', she wrote.
Essence then went on to say that there's another motive behind her decision.
'Now, what she doesn't know is the $5 is actually going away in her savings account which I will give back to her when she turns 18. So if she decides to move out on her own she will have $3,380 to start off. This strategy not only prepares your child for the real world. But when they see how much real bills are they will appreciate you for giving them a huge discount 🤣.'
As you might well expect, the mum's status attracted a lot of attention. Despite only posting it a few days ago, it's already had a staggering 303,000 shares.
Many praised Essence's efforts, with one saying: 'Love this...wish I had been smart enough to do this with my kids!!!!!'
Another agreed: 'I actually love this!!'
Others were not quite so complimentary of the idea, arguing that at just five years old, Essence's child doesn't need to learn about the value of money just yet.
'Sorry but this is a no from me a little too young', quipped one user.
Another added: 'Omg this is ridiculous. I never gave my son any allowance. He would sometimes get money from grandparents as a gift, or from losing a tooth and he was allowed to do whatever he wanted with it. He's an adult now and now responsible with money than I am! He has savings, investments, and pays his own bills. There's no reason to teach a 5 yr old that the world will take your money all the time.'
What do you think? Is five-years-old too young to learn about money? Let us know in the comments!