If you're paying your kid $30 a week in allowance, that's about normal.
According to a new survey from AICPA, the average weekly allowance for American kids has jumped from $17 a week back in 2016 to 30 dollars in 2019. But it's usually not just a handout.
Four out of five parents say they expect their children to earn that money. But experts point out it shouldn't just be about earning it. It should also be an education.
And now there's a new tool to help parents make that happen.
"One of the best gifts we can give our children is a solid education on how to manage their money," said Gregory Anton, CPA, CGMA, chair of the AICPA's National CPA Financial Literacy Commission. "Simply handing money over to a child without guidance is a missed opportunity. By making an allowance a teachable moment, parents will help instill money management skills in their child at a young age that will help prepare them for the important financial decisions they'll have to make when they're older."
About 3/4 of adults surveyed said the main reason for giving an allowance was to teach the value of money and financial responsibility.
As for the amount of hours kids should be putting in around the house to earn an allowance: About 5 hours per week, according to the survey. That's $6 an hour.