GREENSBORO, N.C. — Kids cost money.
Do you know how much the tooth fairy is paying these days? How much are straight As are worth? And what about their allowance?
Roostermoney, an allowance and chore tracking app, crunched the numbers.
69% of American parents gave their kids a regular allowance in 2019. The average amount was $9.59 a week. The annual amount was about $500. That was up 6% from 2018. The most lucrative chores were mowing the lawn, washing the car, and gardening.
Maybe you're not sold on an allowance for your kids. Experts say it can help them understand classic money concepts. It can also allow them to experiment with money and make mistakes when the stakes are much lower. In fact, rooster money said kids wound up saving about 42-percent of their money.
And what did they save their money for? Lego sets. That was the number one most saved-for item in the study.