The Annual Kids' Allowance Report: Kids received $54 in cash gifts this Christmas and the average allowance over 2017 was $8.74 a week

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A comprehensive new study of 4-14 year olds in the U.S. reveals how much allowance kids received last year, what they did with it, and that good money habits can, and should, start young

News provided by

RoosterMoney

Jan 04, 2018, 08:00 ET

LONDON, January 4, 2018 /PRNewswire/ --

RoosterMoney, the allowance app and chore tracker, can reveal that kids received $54 this Christmas, and encouragingly, they're set to save 43% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 5.4% of their income.*

Children are picking up lasting money habits earlier than ever**, and RoosterMoney is showing that a strong allowance routine is a great way to instill positive money habits early on…

70% of parents gave a regular allowance last year
Average weekly allowance: $8.74 ($454 a year)
Average reward for good behavior: $3.71
Average saved: 43%

Top things to SAVE for:

1. Lego

2. Phones

3. Dolls

4. Fidget Spinners

5. Tablets

6. Nintendo Switch

7. Xbox

8. Bikes

9. Books

10. Minecraft

Top things to SPEND on:

1. Presents

2. Books

3. Candy

4. Apps

5. Fidget Spinners

6. Lego

7. Pokemon

8. Tithing

9. Minecraft

10. Xbox

Top EARNING chores:

1. Babysitting, $12.44

2. Gardening $9.93

3. Looking after cats $5.57

4. Washing car $4.83

5. Vacuuming $2.57

6. Emptying trash $2.42

7. Tidying room $2.39

8. Looking after dogs $2.24

9. Laundry $2.21

10. Washing dishes $1.74

Most entrepreneurial age: 10 year olds - most likely to boost their income by selling old toys and clothes - averaging $27 per sale.

Will Carmichael, RoosterMoney CEO says: "44% of what we do every day is put down to habits. 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 can be 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 10,000 RoosterMoney users.

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

SOURCE RoosterMoney