Average Monthly Allowance Hits All-Time High
August 24, 2012
Buh-bye piggy banks! Kids these days might need something bigger to hold their money.
A new national survey for the American Institute of CPAs by Harris Interactive says that kids are getting an average of $65 a month to spend as they please, reports Yahoo! Shine. However, even with all that mad money parents say they still cover the necessities, as well as pleasurable trips to the movies or pricy items at the mall.
Only one percent of parents say that some of that money goes to savings.
"These findings make clear that it can pay to be a kid," said Jordan Amin, chair of the American Institute of CPAs' Financial Literacy Commission. Agreed.
That’s not to say that kids are just being handed the money. Many parents say that grades play a part in how much they dish out. Also, eighty-nine percent of parents said their children are required to do chores in exchange for their weekly allowance.
However, Clare Levison, a member of the AICPA's National Financial Literacy Commission, told Yahoo! Shine that when it comes to chores, "Children should be doing things above and beyond the normal expectations of contributing to a household; keeping your room clean is just a regular expectation. Something like cleaning out the car, that would be above and beyond."
Do you give your kids an allowance? How much do they get, and what do they have to do to get it? Leave a comment.