Most kids rely on their parents for money, but parents these days aren’t necessarily just giving their kids an allowance and not getting something in return.
According to a survey of 35,000 four to 14-year olds, the average allowance has increased to $8,44 a week, and at least a portion of that money needs to be earned. The survey notes:
- The largest portion of that allowance money comes from the tooth fairy - $4.90.
- Some kids get about $4.61 a week just for being good.
- Most kids earn their allowance doing chores, with the most lucrative chores being:
- Gardening - $4.79
- Washing the car - $3.72
- Washing windows - $3.15
- Mopping $2.13
- Dusting - $1.96
The survey finds kids are actually saving about 34% of their allowance each year, which is a good chunk of change. Plus, most get about $58 in cash gifts over Christmas. So, what are they saving their money for? Well, the top purchases include:
- Lego
- Phones
- Nintendo switch
Source:Rooster Money