At Work

Hard Earned – HumbleDollar.   Kids and their allowance- What allowance?

I grew up earning my spend money. I never received an allowance. I learned what it takes to earn money, deal with people and to fail.

How many kids today turn play into profit and achieve goals through months of effort?

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How are things different today? In 2017, children age 4 to 14 received an average $454 in allowance over the course of the year, in addition to cash gifts for birthdays and holidays. That works out to an average $8.74 a week, with 14-year-olds at an average $12.26. Meanwhile, a 2016 MarketWatch article notes that, “roughly seven in 10 parents give their children an allowance… and roughly one in four kids gets $100 or more per month.”

While some parents dole out cash for chores like taking care of a pet, doing dishes or making a bed, I see these things as a family obligation. They aren’t true work. They don’t instill a sense of entrepreneurship, independence and responsibility. There’s no success or failure involved and no dealing with a boss. You are getting paid for things you should be doing.

Source: Hard Earned – HumbleDollar

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