The Average Allowance For Children Is Now $30 A Week, Survey Says

NEW YORK (CBS) – The average weekly allowance is on the rise for the children of America. But a new survey finds that the majority of parents say their kids are not saving that money.

A report from the American Institute of CPAs found that the average weekly allowance for a child is now $30. Parents expect their kids to do just over 5 hours of chores to earn that, resulting in an hourly pay rate of $6.11.

Overall, two-thirds of parents gave their child an allowance. Four out of five parents agreed that allowances should be earned through chores, not just given.

So what are kids doing with the money? Only 3% of parents said that their children are primarily saving their allowance. Parents surveyed said that allowance is most often spent on outings with friends, digital devices or downloads and toys.