I can't remember what I gave my kids for allowance - but I'm sure that the monthly amount I pay in college tuition is MORE. Looking at what kids are getting for allowance these days, I DO believe there's been SOME adjustment for inflation.
According to RoosterMoney, an app that tracks kids’ allowance and chores, 69%% of parents say they gave their kids an allowance last year, with the average weekly amount being $9.06, or $471 a year.
Now it may stink for kids to have to do chores to get some of that dough, but it sure sounds like they are getting paid well. The report notes the top earning chore is washing the car, which can earn them $4.60, followed by gardening, $4.34 and cleaning their bedroom $2.71
And it turns out not all of those kids are running to spend their money as soon as they get it. In fact, kids are likely to save 42% of the money they’ve earned, which is better than the average adult, who tends to only save about 2.4% of their income. As for what they're saving it for, phones are the top items, followed by LEGO and when it comes to spending, candy is the most popular purchase, followed by presents.
Top Things Kids Save Their Allowance For
- Nintendo Switch
- Nerf toys
Top Things Kids Spend Their Allowance On
- Roblox (New entry)
I am not one to complain about the amount of allowance that kids get these days - having helped my kids in adulthood, the amount definitely GOES UP!!!!!