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?
READ MY LATEST BLOG ON HUMBLEDOLLAR.COM
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