What is the ruling on parents giving their children a sum of money on Eid al-Fitr and Eid al-Adha, known as "Eidiya"?

The 'Eidiyyah' (gift given on Eid) that parents give to their children is a good deed and a form of showing kindness to children, gladdening their hearts, and strengthening family ties. However, it is obligatory to observe fairness among them in giving it, based on the Prophet's (peace be upon him) saying: "Fear Allah and be just among your children," unless circumstances require giving more to some, such as due to their older age or similar reasons. Furthermore, the father must be aware of how his children spend this 'Eidiyyah' and prevent them from spending it on forbidden things.