As noble as it sounds, I've realized the reality is quite different. My children get allowance so that they can appropriately budget their social life and learn how to say yes to some things and no to others. There was a time that my daughter announced she wasn't going to do any chores that week because she didn't need any money.
There are chores that are simply expected as members of the family and the punishment is not tied to finances, but rather the "crime". For example, when my daughter didn't sort her laundry, she had to do her own laundry the following week. When the table isn't set, there is no snacks or food until it is.
I want them to know that not all labor has a monetary value and that sometimes, you just have to do something regardless of getting paid or not.