What Kids Are Getting For Allowance, And What They’re Doing With It

The average weekly allowance is $9.59.

January 15, 2020
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We got an allowance growing up as kids. I've always been a saver. I'd set a goal in mind and save towards it. My brother, not so much, he'd blow through his cash almost instantly. I don't recall my mom or dad teaching us really about finances but I do recall seeing my mom do the bills and work miracles with income we had so maybe that's where I learned. Many parents today still give their kids an allowance. How much and what kids are doing with it is what's been studied. 

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.
  • The average weekly allowance is $9.59, or $499 a year.
  • That’s an increase of 6% from last year.

Many kids have to do chores to get some of that dough, and while that may sound harsh, it seems they're getting paid well to do them. The report notes the top earning chore are:

  • Mowing the lawn, $7.53
  • Washing the car, $5.56
  • Gardening, $3.42
  • Washing windows, $3.23
  • Cleaning bedroom, $2.31
  • Helping make dinner, $2.19
  • Looking after pets, $2.11
  • Clean bathroom, $2.02
  • Vacuuming, $1.96
  • Mopping, $1.92

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, As for what they're saving it for, the tops items include:

  • Lego Sets
  • Phones
  • Nintendo Switch
  • Pokemon
  • Books & Magazines 

Of course some kids do spend their money. The top items they are spending their allowance on incude: 

  • Books & Magazines
  • Presents
  • Candy
  • Roblox
  • Lego 

What did you spend your allowance on? Do you give your kids allowance? Do they have to do chores in order to earn it? I'm still pretty good at saving and except now I save for big things like a car or a house. Growing up it was always an album and back then, that was BIG! ~grace