Getting an allowance is one of the greatest parts about being a kid. Do you remember the feeling of getting your modest pay every week for doing your chores or extra jobs around the house? That feeling of putting your money in your piggy bank or spending it the minute the ice cream truck came down your street was the best. When we were kids, there were certain things we were expected to do, and other chores we could complete for a small allowance.
Like, we were expected to keep our rooms clean, but could earn a little spending money for raking the yard or helping with our siblings. Now, we weren't exactly rolling in dough - we're talking a buck or two a week. Which seemed normal back in the day! We haven't yet started giving our own kids an allowance, but according to a new study, we better be prepared to cough up some decent cash nowadays. Apparently, inflation has been very kind to kids, and the average allowance given in 2018 was quite a bit higher than 2017.
RoosterMoney is an allowance and chore-tracking app, and they've just released their annual Kids Allowance Report for 2018. The report evaluates the habits of 30,000 kids in the US whose parents use the app to track allowance and chores. According to RoosterMoney, kids in 2018 between the ages of 4 and 14 were given an average weekly allowance of $9.06, an increase of 3% over 2017. The average accounts for differences in pay based on age; the average allowance for 4 year olds was $3.97 a week, while 14 year olds raked in $13.34 per week. On average, kids earned $471 in 2018, which included money received for birthdays and holiday gifts. In 2017, kids earned an average of $454.
According to the report, 69% of parents pay their children an allowance. But some chores are definitely more lucrative than others! Washing the car had the biggest payout, at $4.60. Other chores include mopping the floor for $2.33 and cleaning the bathroom for $1.82 (that seems low, tbh, bathrooms are gross). Cleaning their room was also a chore kids earned an allowance for, an average of $2.71. While we are all for giving kids an allowance for some chores, cleaning their room should be required as part of their being allowed to live in the house. But we suppose some kids need a bit more incentive to get it done!