A new study of 30,000 4-14 year olds in the U.S. reveals how much allowance kids got last year, what they did with it, and that smart money habits can start young.
RoosterMoney, the allowance and chore tracking app, can reveal that kids received $471 ($9.06 a week) in allowance last year, and encouragingly, they saved 42% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 2.4% of their income.*
Children are picking up lasting money habits as young as 7 years old**, and RoosterMoney is showing that a strong allowance routine is a great way to build positive money habits early on…
69% of parents gave a regular allowance last year
Average weekly allowance: $9.06 ($471 a year)
Kids received $58 in cash gifts this Christmas
Most lucrative chores: ‘Washing the car’, ‘Gardening’ & ‘Cleaning your room’
Average saved: 42%
Top things to SAVE for:
Phone
Lego
Tablet
Nintendo Switch
Dolls/Figures
Xbox
Bikes
Books
Nerf toys
Computers
Top things to SPEND on:
Candy
Presents
Books
Apps
Lego
Xbox
Pokemon
Roblox (New entry)
Minecraft
Tithing
Top EARNING chores:
Washing the Car, $4.60
Gardening, $4.34
Clean Bedroom, $2.71
Mopping the floor, $2.33
Clean Bathroom, $1.82
Clean Kitchen, $1.72
Hoovering, $1.52
Helping with Dinner, $1.52
Dusting, $1.52
Looking after pets, $1.48
Most entrepreneurial age: 11 year olds – most likely to boost their income by selling old toys and clothes – averaging $28 per sale.
Find out how RoosterMoney helps teach kids about money here: https://www.roostermoney.com/us
* https://www.statista.com/statistics/246234/personal-savings-rate-in-the-united-states/
***All other data from sample of 30,000 RoosterMoney users.
