Should kids get an allowance? Majority say yes - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Should kids get an allowance? Majority say yes

(Source: Pixabay) (Source: Pixabay)
(KFVS) -

Should children be given an allowance?

An overwhelming amount of Americans say yes.

In fact, a new survey published by Country Financial found 68 percent of Americans believe children should get an allowance for completing chores.

The survey showed most parents want to teach their children that money needs to be earned.

Another 22 percent wanted to teach their kids the value of money, and 12 percent said it was to teach them financial independence.

Troy Frerichs, director of wealth management at Country Financial shed some light on the topic:

“Country Financial is providing parents with a proactive tool to explain this concept, which can be a difficult one to grasp, in an easier way for their kids to understand."

At what age should kids start getting an allowance?

A majority of people say kids should start getting money for chores at a young age.

About 40 percent of parents agree between 8 and 10 years old is the right age.

Others, about 33 percent, said it should start between the ages of 5 and 7.

How much money should kids receive?

Going rate for chores

Chore

National Average

Mowing the Lawn $6.28
Cleaning the Garage $5.20
Doing Laundry $2.82
Cleaning a Common Area $2.72
Be Responsible for a Pet $2.66
Vacuuming/Cleaning Floors $2.55
Cleaning Surfaces $2.20
Cleaning the Bedroom $2.07
Doing the Dishes $2.03
Taking out the Garbage $1.90
Setting the Table $1.31
Making the Bed $1.18

Beyond the chores parents tend to reward their children for good deeds and positive performance.

More than 60 percent of parents said they bought their child a gift to reward them for good behavior.

Forty-seven percent of Americans said they gave their child money for good grades.

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