Kids Are Getting Less Allowance. How Much is the 1% Getting?
When Patty was growing up in Yankton, SD she would get around $1 a week as a young kid and about $10 a week in high school. She of course spent all her money at the “Ice House” and her weekly subscription to “Teen Bop” magazine.
According to a survey by Baltimore-based money managers T. Rowe Price, the amount of allowance parents give their kids each week is falling.
Comparing 2011 to 2013:
- The percentage of parents giving an allowance of up to $10 a week fell from 77.3% in 2011 to 68.4% in 2013.
- The percentage of parents giving larger amounts, between $11-$20 or between $21-$30, jumped sharply.
- 4% of families gave between $41-$50 a week in 2013.
- 1% of parents are shelling out between $91-$100 a week.
How much are you giving your kids? How much allowance did you get as a kid?