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Older DD13 puts too high a value on cash - she never spends any at all. So I hand her money to go on field trips or out with her friends, because she needs to work up the courage to interact with cashiers and waiters. DD8 loves to spend and isn't shy at all. She spends her own money. It all depends on the kid
Maybe it's a sort of sticker shock? Exposing her to it like that is a great idea -- a ten dollar movie ticket seems like a lot to her because it's all her spending money for the week.

Thanks for all the info re:checking accounts.

However, about merit scholarships: I would let them keep any money they won or money from, say, an essay contest, but I feel like if they specifically win the money FOR a camp it should be used for that camp or another educational expense. It depends on the parameters of the application. Giving them money for applying is totally fair game, though. :-)