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!

Cost of chores for kids
10News

What other people are reading right now:

FREE 10NEWS APP:

Download on the App StoreGet it on Google Play

Stay In the Know! Sign up now for the Brightside Blend Newsletter