So, exactly how much is the average kid getting in allowance these days? It may be higher than you think. They are definitely getting way more then we used to get back in the days.
According to the NewYorkTimes.com, a new survey by the American Institute of Certified Public Accounts finding that two-thirds of U.S. parents give their child an allowance, and the average weekly amount is $30. Wow! It was only $17 a week on the average just 3 years ago. Eighty percent of those parents say that the kids do have to work for it though. Those parents expect their kids to do household chores to earn that weekly stipend. Three-quarters of the parents say that give their kids money to teach them financial literacy and how to handle money. Only 3% said their kid put aside any money into a savings account which is a very low rate. Experts encourage parents to teach their kids to save some money each week to teach them the effects of short and long-term goals.
What do you give your kids weekly?