(NEW YORK) — Today’s youngsters evidently have it better than previous generations, given that the average allowance nowadays is just over $16 a week or $65 per month, which computes to $780 annually.
That figure comes from the American Institute of CPAs (AICPA), which also learned that nine out of ten parents will make sure that their children earn their keep by working at least an hour a week for their dough.
On average, youngsters are expected to spend 6.2 hours a week on chores before they spend their “salary” on things like toys or hanging out with friends.
Still, if a kid today gets an allowance, it’s an easy ride the rest of the way since parents will also pick up the tab for sports and hobby merchandise, cellphone charges, movie rentals and digital downloads.
Youngsters who do well in school are often amply rewarded for their efforts, with nearly half of parents paying an average of $16.60 for each A their students get on a report card, the AICPA survey points out.
Copyright 2012 ABC News Radio
Brian Stelter, CNN Money
David Goldman, CNN