In some cases it's a great idea while in others it isn't. It all depends on the mindset of your child, your financial ability to give this gift and the real value and meaning it will have on your child's future.
When a child doesn't have to work for his own goals it can be detrimental to give him a gift if he hasn't built up enough responsibility to handle the money wisely. There are cases where the gift has been given and then spent on frivolous luxury items instead of on a new home. As long as there is a solid trust in the child, gifting shouldn't take place.
Wrong sense of entitlement
Giving children money without having them work for it can often instill a sense of entitlement. If you have given financial gifts in the past to your children and…