Answer: About $16/week

Questions: 

• If you currently receive an allowance...
  • Do you have to do chores to earn it?
  • Do you save any of it? For a larger purchase or save in a bank? 
  • How long have you been receiving it?
• If you don't receive an allowance currently...
  • Did you ever receive one?
  • Do you have a job and earn money that way?
  • What experiences do you have with earning and spending money? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from MintLife): 

A 2012 survey by the American Institute of Certified Public Accountants (AICPA) found that 61% of parents give their children allowances, most starting by the time children reach age 8. Over all age groups, allowances average $65 per month, or just over $16 per week.

I hope my son and daughter don't read this post. They might ask for a raise!

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Want to be more mindful about how you spend your allowance? Start with this NGPF INTERACTIVE: What Kind of Spender Are You?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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