ORLANDO, Fla. - According to a survey done by 360 Degrees of Financial Literacy, children make an average allowance of $30 a week.
The study said that two-thirds of parents give their children an allowance. The weekly average amount is $30.
That allowance amount is said to be up $17 from 2016.
The survey also found that allowance money is rarely saved. The money is usually spent on outings with friends, digital devices, downloads, or toys.
The good news is that four out of five allowance providing parents reportedly expect their children to earn it through tasks like chores.
On average, children spend about 5.1 hours a week doing chores to earn their allowance.
The AICPA’s National CPA Financial Literacy Commission recommends that allowance providing parents use the provided money to teach children about the value of money. They recommend you start early, set clear parameters, ues an allowance to talk about budgeting, discuss the impact of impulse purchases on goals, and talk often.
For more on the survey, visit the 360 Degrees of Financial Literacy website.
This story was written in Orlando, Florida.