Parents aren’t the only ones in the family raking in the big bucks. It turns out, little ones are cashing in on a comfortable annual allowance, according to a survey from RoosterMoney, USA Today reports.
Based on the findings, the average child ages 4 to 14 earned roughly $454 last year, and that’s not including the dough they accumulated from birthday parties and holidays. Oh, to be young again! Anyone else up for a trip to the toy store?
Out of the 10,000 RoosterMoney users surveyed, the findings indicate that the average kiddo earns $8.74 each week. Now that the cat is out of the bag, don’t expect to double up on your child’s responsibilities without a pay increase. If you want those dishes cleaned, it’ll cost you.
The study also breaks down weekly earnings by age, and they’ll definitely make you a bit envious when thinking about your own allowance of years past. The findings show that 4-year-olds earn an average of $3.76 per week; 8-year-olds earn $7.24; 12-year-olds earn $9.85 and 14 year-olds earn $12.26. Looks like your little ones are going to have to invest in a mighty large wallet.
Although the idea of weekly allowance is nothing new, digital currency and the way in which we use cash has certainly changed. These factors will definitely put a 21st century spin on the way in which parents discuss money with their kids. Your little ones might only be concerned with finding the nearest candy shop upon receiving their weekly earnings, but the whole spending and saving spiel is a must.
Ah, it’s good to be young.
If these numbers left your mouth gaping, check out the insane amounts kids in NYC are getting from Tooth Fairy money, consider making a reservation at one of the NYC restaurants where kids eat free if your wallet needs a little TLC, and if you feel completely overwhelmed by it all, take a look at these life-changing NYC parenting hacks.
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