While your parents may have thrown you a few coins each week for an allowance, kids these days certainly seem to be making out pretty well. 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 suck 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)
Source: Yahoo Finance