Q:

How much should a child's allowance be?

A:

As of 2012, the average allowance of children in the United States equaled 50 cents per week for each year of a child's age. Using this formula allows parents to be fair if they have children of different ages.

Some parents let their children suggest their own allowances. This method encourages kids to think through possible expenses and learn about budgeting. Other parents pay children for doing chores rather than simply handing out an allowance, but many experts believe that children should do chores without pay because they are part of the family. In either case, a child's allowance, especially when the child is young, should not be money that the child must spend to cover essential expenses, such as food and clothing.

Sources:

  1. mint.com
  2. webmd.com

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