More and more of our kids are saving their allowance so they can buy things they really want!
Did you get an allowance when you were a kid? If so, you may have been like me. At the end of every week my mom would give me my allowance and I’d always use that money within the week. Buying “magical” things like stickers, pens and cute notebooks to play school at home. I wish I had saved that money. Which is what more and more parents are reporting their children do these days.
According to RoosterMoney, an app that tracks kids’ allowance and chores, 69%% of parents say they gave their kids an allowance last year, with the average weekly amount being $9.06, or $471 a year. And kids are saving 42% of the money they’ve earned (the average adult only saves 2% of their income).
As for what they’re saving it for, phones are the top items, followed by LEGO and when it comes to spending, candy is the most popular purchase, followed by presents.
Top Things Kids Save Their Allowance For
- Nintendo Switch
- Nerf toys