How Much Do You Pay Your Kids?
I don’t know about you, but when I was a kid I NEVER got paid for taking out the trash and mowing the lawn! My ‘allowance’ was the food on my plate, the clothes on my back, and the roof over my head.
But my have things changed. A new study says that kids get about $65 a month in allowance — and just 1 percent of parents say their kids put any of it into savings.
According to a national survey for the American Institute of CPAs by Harris Interactive:
61 percent of parents surveyed said that they give their kids an allowance, and 54 percent of parents said that they started doing so when their kids were 8 years old. Eighty-nine percent of parents surveyed said that they require their kids to earn their allowance by doing chores — at least an hour of them a week, though most kids did about 6 hours a week worth of work for their money.
$65 a month? I’m forwarding this to my parents – they owe me $7,800!