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How Much to Pay Kids For Allowance

How Much Do You Give Your Kids For Allowance?

Once your kids reach a certain age — typically around 7 or 8 — the decision of whether or not to put them on the household "payroll" becomes a hot topic of conversation among parents. If your children are of the allowance-earning age, it may (or may not) surprise you that 61 percent of kids in the US are receiving an average of $16 per week, according to the financial planning site Mint.com. The site's report is based upon a 2012 survey by the American Institute of Certified Public Accountants (AICPA).

Once you've made the decision to give your kids some Benjamins (or, more likely, Georges), there's the all-important decision of determining an appropriate amount. One method parents use is to match their child's age — so an 8-year-old would get $8 per week; a 15-year-old would receive $15 per week, and so on.

In terms of the correlation between tying an allowance to chores, 89 percent of parents surveyed believe that kids should put in at least an hour's worth of work to earn their pay. But the argument against tying household chores to a salary? Household chores are simply a part of being a member of the family. Mom and dad don't get paid for them, and neither should the kids.

What's your input on the great allowance debate? Vote in our poll, and share your comments below!

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