Do you give your kids an allowance? If so, what age do you start? If not, why do you think it is not a good idea?

I have 7 children. Try not to gasp. That's a lot of kids. I try to be a good dad, but don't always get it right. I'm especially vexed about whether or not I should give them an allowance. When I ask friends, I get wildly varying answers and everyone seems to have a strong opinion about this.

In the video above, Money Magazine argues that giving kids an allowance helps them understand finances at a young age which may help them later in life. Mayim Bialik from The Big Bang Theory doesn't.

Going deeper down this well, if you give your kids an allowance, do you require that they do certain chores to earn it? Vote in our informal poll and let us know your parenting philosophy on this.