Kids Received $499 in Allowance Over 2019, and Saved 42% of it, Reveals RoosterMoney

The Annual Kids' Allowance Report - a study of 48,000 4-14 year olds in the US reveals how much allowance kids got last year, what they did with it, and that smart money habits can start young

News provided by

RoosterMoney

Jan 14, 2020, 07:20 ET

LONDON, Jan. 14, 2020 /PRNewswire/ -- RoosterMoney, the allowance and chore tracking app, can reveal that kids received $499 in allowance ($9.59 a week) last year, up 6% from 2018, and encouragingly they saved 42% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 7.8% 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: $9.59 ($499 a year), up 6%
Most lucrative chores: 'Mowing the lawn', 'Washing the car' & 'Gardening'
Average saved: 42%

Top things to SAVE for:

Lego Sets (+1)
Phones (-1)
Nintendo Switch (+1)
Pokemon (new entry)
Books & Magazines (+3)
Dolls/Figures (-1)
Bikes (-)
Playstation (new entry)
Computer (+1)
Roblox (new entry)

Top things to SPEND on:

Books & Magazines (+3)
Presents (-)
Candy (-2)
Roblox (+4, highest climber)
Lego (-)
Apps (-2)
Fortnite (new entry)
Pokemon (-1)
Xbox (-3)
Playstation (new entry)

Top EARNING chores:

Mowing the lawn, $7.53
Washing the car, $5.56
Gardening, $3.42
Washing windows, $3.23
Cleaning bedroom, $2.31
Helping make dinner, $2.19
Looking after pets, $2.11
Clean bathroom, $2.02
Vacuuming, $1.96
Mopping, $1.92

Most entrepreneurial age group: 8 year olds - boosting their income by selling old games and books, averaging $17.29 per sale.

Will Carmichael, RoosterMoney CEO says: "Engaging kids with money early by creating teachable moments at home can help cement positive habits that last a lifetime. The New Year is a great time to kick start 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/246268/personal-savings-rate-in-the-united-states-by-month/

** 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 48,000 RoosterMoney users.

Contact
James Kassam,
[email protected],
+44(0)791-750-8614

SOURCE RoosterMoney