Is the Amount Your Paying Kids for Chores Teaching Them the Value of a Dollar?
Does an paying kids for chores teach the value of a dollar? Here what parents said about allowances:
- 68 percent of Americans believe children should receive an allowance for completing chores.
- Parents providing kids with an allowance, more than half (54 percent) did so to teach their children money needs to be earned.
- 22 percent wanted to teach their kids the value of money,
- 12 percent said it was to teach them financial independence.
Based on responses, to a survey by COUNTRY Financial® the average rate of payment for chores for common household chores was:
Mowing the Lawn
Cleaning the Garage
Cleaning a Common Area
(i.e. living room, dining room, kitchen, etc.)
Be Responsible for a Pet
(i.e. feeding, walking, cleaning up after it)
Vacuuming / Cleaning Floors
(i.e. dusting or washing countertops)
Cleaning the Bedroom
Doing the Dishes
Taking Out the Garbage
Setting the Table
Making the Bed
Parents and Family Play Key Role in Educating Youth
When it comes to learning about finances:
- Nearly half of all respondents (46 percent) reported learning on their own, with 39 percent saying they learned from their parents and family members.
- The number who learned from their parents grew to 48 percent for Millennials, showing a shift toward a greater parental responsibility for their children’s financial education in the new generation.
- A majority of Americans said children should begin receiving money for chores completed, allowance or “free” financial support at a young age.
- Nearly 40 percent of parents said between 8-10 years old is the right age, and one-third said it should start between the ages of 5 and 7.
Looking Beyond Chores: How Parents Reward Their Children
Rewarding children for good deeds and positive performance were also reported:
- More than 60 percent of parents said they bought their child a gift to reward them for good behavior.
- Women were more likely to reward a child for good behavior (64 percent) than men. (58 percent)
- Forty-seven percent of Americans said they gave their child money for good grades.
- Women were also more likely to give a financial reward for good grades (50 percent), compared to 43 percent of men.
Millennials vs. Boomer Parent:
- Millennials (ages 18-35) were more likely to reward for good behavior (66 percent) compared to 59 percent in Gen. X (ages 36-51) and 61 percent in Baby Boomers (ages 52-70)
- Baby Boomers were more likely to reward for good grades (56 percent, versus 47 percent for Gen. X and 41 percent for Millennials). This number rose to 100 percent in the Silent Generation (ages 71-88), with every respondent in this age group reporting having given a child a financial reward for good grades.
Interestingly, 12 percent of parents who are married also revealed they had bought a child a gift out of guilt, with this number rising to 19 percent for respondents who are single.
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