A new survey found that American children received an average annual allowance of $471 from their parents in 2018. According to RoosterMoney, kids between the ages of four and 14 were given $9.06 per week last year, up 3.7% from 2017.
In its annual Kids Allowance Report, the allowance and chore-tracking app evaluated the money habits of 30,000 children in the U.S. whose parents are RoosterMoney users. The average takes into account the variance in pay based on age, as the average for four-year-olds is $3.97 per week compared to $13.34 for 14-year-olds.
The annual allowance of $471 also includes cash received as Christmas gifts, which totaled an average of $58.
With 69% of parents in the U.S. paying a regular allowance, the final number for 2018 is higher than that of 2017, when kids received an annual $454 or $8.74 per week.
RoosterMoney determined that certain chores earned kids more money than others, with washing the car being the most lucrative at $4.60. Other top-paying chores were gardening ($4.34), cleaning their room ($2.71), mopping the floor ($2.33), and cleaning the bathroom ($1.82).
And based on the data, researchers discovered that kids save 42% of their weekly “paycheck,” compared to the measly 2.4% that adults save (although it’s important to keep in mind that children don’t have bills or other overhead to pay like adults do).
“Starting to engage your kids early by creating teachable moments around money can help cement positive money habits that will stick with kids for a lifetime,” CEO of RoosterMoney Will Carmichael said in a statement. “The New Year is a great time to kick start things with an allowance and saving routine to encourage your kids to make considered choices about how they use their money.”
The survey also evaluated the top things that kids are saving for, along with what they’re spending their allowance on. Phones, Legos, and tablets were the most saved-for (in order of popularity), while candy, presents, and books were the items that children spent the most money on.