A new survey from Rooster Money has found that kids ages four to 14 received an average annual allowance of $454 in 2017, meaning the average kid earns about $8.74 a week from their parents. To conduct the survey, the allowance and chore-tracking app polled 10,000 of its parent users to determine the age and weekly allowance of as many children as possible.
Of course, it’s very likely that 14-year-olds and 5-year-olds do not have the same allowance, which is why Rooster Money tracked the average weekly allowance given to kids every year from age four to 14. According to the data, the average four-year-old has a weekly allowance of $3.76, while the average 14-year-old’s weekly allowance is $12.26.
READ MORE: The Fatherly Guide to Allowances
The Rooster Money survey also focused on the average savings of kids who received allowances, as well as how much extra money kids made during holidays, birthdays, or even good behavior. Children reportedly earned an average of $54 at Christmas alone in 2017 and the average reward for good behavior was about $3.71. And thanks to not having to pay bills or food or really anything, kids are much better at saving their money than the people who are raising them. Kids save an average of 43 percent of their allowance and special-occasion money. Meanwhile, adults only manage to save a paltry 5.4 percent of the money they make.
According to the survey, approximately 70 percent of parents gave their kids a regular allowance in 2017. For most kids, allowances were earned by tackling chores and basic duties around the house, with tasks such as babysitting and gardening earning them big bucks while washing dishes and doing laundry didn’t pay much.
At the end of the day, this is all positive. Chores and an allowance can play a huge part in teaching kids work ethic, personal responsibility, and the ins and outs of managing money.