Most kids have gotten an allowance from their parents at some point in their lives, and according to a new survey, kids these days are likely making a lot more than you did when you were younger.
A new report finds that the average allowance for a child ages four to 14 is currently $5.24. Of course the money kids get from mom and dad does range depending on the age, with four-year-olds likely to get, on average, about $2.58, while 14-year-olds get about $8.32.
And while 68% of parents say they give their kids an allowance, some of those youngsters do have to earn their money. The most common way to earn their dough is through household chores like cleaning their room ($3.86), doing dishes ($2.56), vacuuming ($2.42), emptying the trash ($1.84) and laundry ($1.63). Some parents also pay kids for schoolwork, with parents giving on average $3.45 for completed homework, and $7.83 for good grades. And then there are the chores that bring in the big bucks, like:
Gardening - $10.66Babysitting - $9.37Clearing leaves - $5.47Washing the Car - $5.20Walking the dog - $3.89
And all that money isn’t necessarily being wasted. In fact, 72% of kids actually save their allowance, with Lego (7%), phones (6.8%) and bikes (6.6%) the most common things kids are saving up for. Those who spend their cash, are mostly spending it on apps (13.4%), toys (11.8%) and candy (8.7%).