ST. PETERSBURG, Florida — It’s like payday for kids - and it’s a tradition that dates back decades, at least.
Allowance.
Well, according to a new study from The American Institute of Certified Public Accountants, children these days are really cashing in -- but they’re not learning one very important lesson.
Remember that age-old adage -- a penny saved is a penny earned?
Here’s the deal:
The average kid now rakes in 30 bucks a week -- but 97 percent of them are spending just about every penny of it. Piggy banks are apparently nothing more than an ancient relic, and you can’t open a savings account with empty pockets either.
OK -- here’s the good news.
Children ARE learning that money doesn’t grow on trees. They’re working for it. The study found 80 percent of parents treat allowance as payment for chores -- and doing chores is big business.
If you break it down by the hour, kids in 2016 earned $4.43 for working around the house.
In 2019, that ‘child labor’ wage stands at $6.11 -- a 38 percent increase.
During that same time period, the average working American adult saw only about a 10% increase in pay -- so, basically -- the kiddie-economy is on fire!
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