Study: Kids Are Better Savers Than Their Parents

While your parents may have thrown you a few coins each week for an allowance, kids these days certainly seem to be making out pretty well. According to RoosterMoney, an app that tracks kids’ allowance and chores, 70% of parents say they gave their kids, ages four to 14, an allowance last year, with the average weekly amount being $8.74 a week, or $454 a year.

And that’s not the only money coming in, with kids being awarded an average of $3.71 for good behavior. Kids are also making money doing their chores, with babysitting being the top earning chore at $12.44, followed by gardening ($9.93) and looking after cats ($5.57).

And it turns out not all of those kids are running to spend their money as soon as they get it. In fact, kids are likely to save 43% of the money they’ve earned, which is better than the average adult, who tends to only save about 5.4% of their income. As for what they're saving it for, Legos is the top item, followed by phones and when it comes to spending, presents are the most popular, followed by books. 

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