American kids are making an average of $30 a week in allowance—a big jump from $17 in 2016. That’s according to a new survey of parents from the American Institute of Certified Public Accountants.
Most parents expect their children to earn money by doing chores around the house for about an hour each weekday. According to the AICPA’s data, that works out to an hourly wage of $6.11. And while adult wages have also steadily increased in the last few years, kid wages have grown much faster.
Parents say they intend for chore money to foster fiscal responsibility, most children don’t save it. Instead, they use it on toys, digital downloads, and outings with friends. If you’re a parent, let us know how much you pay your children. What sort of chores or tasks do you incentivize? Do you manage where your kid’s money goes? Call 866-893-5722.
Tracie Miller-Nobles, certified public accountant; member of American Institute of Certified Public Accountants (AICPA), which conducted the survey