The Annual Kids' Allowance Report: Kids Received $471 in Allowance Over 2018, and Saved 42% of It

LONDON, Jan. 8, 2019 /PRNewswire/ -- RoosterMoney, the allowance and chore tracking app, can reveal that kids received $471 ($9.06 a week) in allowance last year, and encouragingly, they saved 42% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 2.4% of their income.*

Children are picking up lasting money habits as young as 7 years old**, and RoosterMoney is showing that a strong allowance routine is a great way to build positive money habits early on…

• 69% of parents gave a regular allowance last year   
• Average weekly allowance: $9.06 ($471 a year)   
• Kids received $58 in cash gifts this Christmas   
• Most lucrative chores: 'Washing the car', 'Gardening' & 'Cleaning your room'   
• Average saved: 42%  

Top things to SAVE for:  

1. Phones
2. Lego
3. Tablet
4. Nintendo Switch
5. Dolls/Figures
6. Xbox
7. Bikes
8. Books
9. Nerf toys
10. Computers

Top things to SPEND on:  

1. Candy
2. Presents
3. Books
4. Apps
5. Lego
6. Xbox
7. Pokemon
8. Roblox (New entry)
9. Minecraft
10. Tithing

Top EARNING chores:  

1. Washing the Car, $4.60
2. Gardening, $4.34
3. Clean Bedroom, $2.71
4. Mopping the floor, $2.33
5. Clean Bathroom, $1.82
6. Clean Kitchen, $1.72
7. Hoovering, $1.52
8. Helping with Dinner, $1.52
9. Dusting, $1.52
10. Looking after pets, $1.48

• Most entrepreneurial age: 11 year olds - most likely to boost their income by selling old toys and clothes - averaging $28 per sale.

Will Carmichael, RoosterMoney CEO says: "44% of what we do every day is put down to habit. Starting to engage your kids early by creating teachable moments around money can help cement positive money habits that will stick with kids for a lifetime. The New Year is a great time to kick start things with an allowance and saving routine to encourage your kids to make considered choices about how they use their money."  

Find out how RoosterMoney helps teach kids about money here:  https://www.roostermoney.com/us

* https://www.statista.com/statistics/246234/personal-savings-rate-in-the-united-states/

** https://www.moneyadviceservice.org.uk/en/corporate/adult-money-habits-are-set-by-the-age-of-seven-years-old-shows-new-study 

***All other data from sample of 30,000 RoosterMoney users.  

Contact: James Kassam, [email protected], +44(0)7917508614 

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SOURCE RoosterMoney

Related Links

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