Smash those piggy banks, kids. Millennial parents are most likely to pay their kids an allowance through a mobile payment service, according to a report from CreditCards.com.
Their average pay is $9.06 a week, according to the study of 30,000 kids by an allowance- and chore-tracking app. They earn that money the same way their parents probably did — but what they spend it on is a different story.
A new app makes it easy for kids to earn money while learning about financial responsibility and stock investing. And it helps parents teach these concepts, too.
Giving out a regular allowance might not be the best way to impart financial lessons.
A new study by the American Institute of CPAs shows families pay children an average allowance of between 50 cents and $1 for every year of a child\’s age.
Experts say cash, earned or unconditional, without
a discussion doesn\’t create financial literacy –
and that\’s a problem.
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