WASHINGTON — Some adults aren’t that disciplined about saving money, but kids appear to be on the right track. According to a new study, kids who get an allowance save 42 percent of it on average.
Nearly 70 percent of parents in the U.S. give kids allowances, and the average pay is $9.06 a week, according to the study of 30,000 4- to 14-year-olds by allowance- and chore-tracking app RoosterMoney.
Kids keeping their rooms tidy is expected in some households, but that’s one of the top earning chores feeding kids’ allowances, according to the study. So what are the kids doing to earn their pay?
- Washing the car: $4.60
- Gardening: $4.34
- Clean bedroom: $2.71
- Mopping the floor: $2.33
- Clean bathroom: $1.82
When money is burning holes in kids’ pockets, it appears they can’t resist sweet treats. According to the study, they spend money on:
Electronics are popular incentives, according to the study for why kids choose to defer the immediate pleasure of spending money. According to the study, here’s what they’re saving for:
- Nintendo Switch
The top 3 games that pique kids’ interests?
“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,” RoosterMoney CEO Will Carmichael said in a news release.
“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.”