Back-to-school time always feels like a fresh start, doesn’t it? It’s an opportunity for families to create new routines and reinvigorate their kids’ love for learning.
I personally also use it as an opportunity to remind my Boca daughter that money doesn’t grow on trees. School uniforms, shoes and designer backpacks add up people! And now that my child is officially “school aged,” I’m using this time of year to start teaching her the value of a dollar. I’m officially among the 72 percent of parents who are giving their child an allowance in exchange for completing chores around the house!
Being the curious Boca mom that I am, I started researching what tasks other parents were assigning their children along with the going weekly rate. I figured it was probably up from the $2 per week I used to receive in 1988! I consulted the experts at RoosterMoney, the allowance tracking app, to find out what kids are really earning in 2018 and found out some juicy stats!
First off, kids are earning impressive sums these days. The average allowance runs about $8.43 per week! Here’s what it looks like by age according to RoosterMoney:
And what are kids doing to earn this kind of cash? I’m having my 5-year-old empty waste paper baskets and wipe down tables and mirrors with glass cleaner. Other children are:
- Mowing the lawn – $8.06
- Washing the car – $5.05
- Gardening – $2.91
- Cleaning windows – $2.84
- Mopping the floor – $2.17
- Cleaning the bathroom – $1.85
- Cleaning the kitchen – $1.67
- Looking after the dog – $1.65
- Vacuuming – $1.60
Kids are earning healthy sums and the good news is that they’re also saving an impressive 37.3 percent of it. This is just as well, as they have some ambitious purchasing goals! The average value of the most popular items they’re saving for, such as tablets, cell phones and video game consoles, stand at $140.
The bottom line is children are picking up lasting money habits earlier than ever and a strong allowance routine is a great way to start instilling positive money habits and a strong work ethic in our Boca kids early on. What better time to start than back-to-school?
All other data from the Allowance Report, sampling 10,000 RoosterMoney users, covering 04/01/18 to 6/30/18.