The average kid is making $35 a week in allowance, survey says

Author:
Updated:
Original:

The average allowance is going up – an American Express survey found the average child is getting $35 from their parents on a weekly basis.

There are hundreds of articles and websites out there that discuss why, when and how much to give a child for an allowance, but one thing seems certain: the average child is earning more now than a few years ago.

The American Express survey found the average allowance has gone up $8 a week, from $27 a week in 2014.

Although it's also worth noting fewer parents are giving their kid an allowance – 79 percent of parents say their child gets an allowance, down from 83 percent last year.

Many parents base their child's allowance on doing chores and getting good grades, saying kids should start helping around the house around age 7, while the proper age to start getting an allowance is 8 years old.

Other surveys show lower figures

survey by T. Rowe Price published earlier this year found 70 percent of parents give their child an allowance, with 60 percent of them saying their child had to earn it.

But this survey found that children were making far less per week than the American Express figures – 50 percent of parents surveyed were giving their child $10 or less per week, while 23 percent said their child earned between $11 and $20 for a weekly allowance.

A 2012 survey by the American Institute of Certified Public Accountants found the average allowance was just over $16 per week. A 2013 Harris Poll found similar results: a child between the ages of 14-17 was receiving around $16 per week.

The Harris Poll also found 86 percent of respondents say children should only get an allowance if they work for it by helping around the house.

But in the past few months many parenting and financial experts say when it comes to giving an allowance, many parents are doing it wrong, Slate reported earlier this year.

Reward for a chore, or money management?

The publication says if a parent bases their child's allowance on doing chores, they'll stop doing housework when they have enough in their piggy bank. Slate goes on to note that if a parent is using an allowance to teach their child about money management, they should start early – like when they're in preschool – and give $1 per week for every year they are old (so a 5-year-old would get $5 a week).

As for determining how much to give your child for an allowance, many parenting experts agree that the $1 per week for every year they are old is the right way to go, if the family can afford it, U.S. News and World Report said.

Next Up

Ian Cole

Wild trade Greg Pateryn to Avalanche for Ian Cole

Cole won a pair of Stanley Cups in Pittsburgh and is a former first-round pick.

1024px-Hudson,_Wisconsin_9

St. Croix County GOP chair resigns after incendiary post on official website

John Kraft sparked controversy with his 'Prepare for War' post on the party website earlier this month.

ann kim

Ann Kim's new restaurant, Sooki & Mimi, to open in February

The James Beard Award winner is the brains behind Young Joni, Pizzeria Lola, and Hello Pizza.

Screen Shot 2021-01-19 at 1.32.19 PM

Firefighters rescue worker after trench fall in Rochester

The construction worker fell about 15 feet.

gray wolf

Grand Marais mayor's dog survives attack by wolves

He heard his 65-pound dog "screaming bloody murder" and then saw the wolves chasing her.

Screen Shot 2021-01-19 at 12.04.55 PM

Minnesota's COVID vaccine appointment site goes live

Huge demand was expected when the site went live at noon.

emily ford

Duluth woman is hiking 1,000-plus miles on the Ice Age Trail this winter

She could be the second person ever to finish a winter-thru hike of the Wisconsin trail.

coronavirus, covid-19, icu

Here is Minnesota's COVID-19 update for Tuesday, January 19

Two days in a row with fewer than 1,000 new cases.

Screen Shot 2021-01-19 at 10.52.12 AM

After fire destroyed their house, couple forced to euthanize beloved dog

The couple's daughter has launched a fundraiser for her parents.

Screen Shot 2021-01-19 at 10.16.14 AM

Investigation after teacher accused of lewd act during distance learning

No charges have been filed yet and the staff member has not been identified.

Related