The Future

Teaching Children About Investing

How do parents use allowances for their children?

In a recent national survey of 2,000 families, experts at the site, an organization committed to encouraging parents to teach their kids about money matters, found that 89% of all families assign chores for their kids to do, and 51% of all families give an allowance, but only 21% give an allowance as compensation for chores. They also found that only 21% of the families that pay an allowance actually pay it in recognition for the completed task. Forty-seven percent of all families stated they pay the allowance in order to teach their children about financial matters, but not in connection to the completion of chores. The study further found that 26% of parents now give privileges such as computer or television access instead of a monetary allowance. And only 4% of parents require their children to deposit saved money into a bank account.


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