How Does Your Child’s Allowance Stack Up With Other Kids
RoosterMoney is an allowance and chore tracking app. It recently released the results of some 30,000 kids ages 4-14 in the U.S. and the amount of allowance that they receive. It found that kids receive on average just a little bit over $9 per week. I was actually surprised by that as I assumed it would be quite a bit more. The survey found that 69% of parents give out a a regular allowance.
Here's another result I found surprising as 42% of the kids save their allowance money. This is quite a bit better than we adults who save on average 2.4% of our wages.
The top items kids saved their money for were: phones, legos, tablets and nintendo switches. My goodness, none of these were around when I received an allowance. The favorite thing that kids spent their allowance on was candy followed by presents and books.
What kind of chores do kids do to earn their allowance? The highest paying task was washing the car followed by helping in the garden, cleaning a bedroom and mopping a floor.
You can read more on the RoosterMoney web site.