As a company that provides a allowance solution for families, this is a questions that we get asked a lot. But the answer isn’t so easy – it’s down to you as the parent to decide what’s best for you and your child.
However, there are a few things we can share with you to make this decision a little easier. Take a look below to see some key facts and figures, as well as a breakdown of the average amount of allowance by age.
Allowance by age
We’ve plotted out the weekly amount of allowance for families across the nation. In this pin you can see the average amount of allowance that children are paid according to their age.
Should we be paying kids for tasks?
In the pin above, we’ve also plotted out the top five most commonly set chores (set within the goHenry app) and the average amount parents have paid for them. But do you think we should be paying our kids for doing chores? Or do you think that kids should be helping around the house without money as an incentive?
Here’s what parents thought in our Twitter poll:
Should allowance be earned or simply handed over? Let us know what you think below… #PocketMoney
— goHenry (@gohenry) May 20, 2016
Whatever you decide is right for you and your family, we hope that you’ve found these resources useful. For even more info and guidance on your kids and money, download The Ultimate Guide to Kids and Money by clicking the image below.