The Cost Of: Survey shows average weekly allowance at $37
Millar says sometimes kids are getting the allowance for completing chores, other times it is just a weekly payment for contributing to the family.
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School is out, but a lesson on money can begin.
A new survey from Wells Fargo shows that out of around 1,600 parents in the U.S. about 71% are still giving allowances to kids.
Louann Millar, leader of Youth and Banking at Wells Fargo, says this is how much parents are dishing out, "The average we found is around $37 a week. Now that's the average depending on the age of the child, we saw younger children maybe get a little less, $15, $20 and sometimes the older teenagers are getting up to $50 a week for allowance."
Millar says sometimes kids are getting the allowance for completing chores, other times it is just a weekly payment for contributing to the family.
The form of payment surprised Millar, "...cash is still king it turns out in terms of allowances. Now what was interesting is though most parents are using cash, particular with the younger children, as the children mature and get into the teenage years it really starts to be more electronic delivery."
