J. Michael Collins on whether allowances help to develop financial capability

In this episode, we hear from IRP Affiliate J. Michael Collins, Professor of Public Affairs and Consumer Science at UW-Madison and the director of the Center for Financial Security. He talks about whether parents from different racial and ethnic groups and with varying income levels are more or less likely to give their children an allowance. He also explains what parents might be hoping to achieve by giving their child money that they manage themselves, and whether that translates into more financial capability as a young adult.