Employee Benefits

$30 a week? Holy cow‼️

Can’t afford to save for your own retirement, but you can give a $30.00 a week allowance to your children?

That’s it, I’m speechless.

NEW YORK (October 1, 2019) – A penny earned is not likely to be a penny saved for children today. A new AICPA survey found that kids are raking in an average of $30 a week in allowance, enough to save around $1,500 in a year. In just a few years, a diligent saver could buy their first used car. However, it’s concerning that only 3 percent of parents say their kids primarily save their allowance. These are among the findings of a new telephone survey of 1,002 U.S. adults conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA).

Three-quarters of Americans (75 percent) say the most important purpose of providing an allowance to children is to teach the child about the value of money and financial responsibility. However, the survey found, allowance money is rarely saved. Parents say most of their kids’ allowance is spent on outings with friends (45 percent), digital devices or downloads (37 percent), or toys (33 percent).

3 replies »

  1. When I was a kid I thought I was rich when I was periodically given a silver Ben Franklin half dollar. It went immediately into my piggy bank. In elementary school my 6th grade teacher took our class on a field trip to the bank on the town square to open savings accounts. Afterwards, we followed up by depositing more money into our bank savings accounts. One year at the Texas Permian Basin oil show where they gave away trinkets. Other kids and I received a little coin bank shaped like a house with the words: ” A penny saved is a penny earned.” Actually, a penny saved is more than a penny earned when the penny earned is taxed.

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