State of the Kid: Teaching Kids the Value of Money in a Tight Economy {Giveaway}
Wednesday, September 01, 2010 Posted by Jolly Mom
Do you want to know what kids think? I mean, what they really think about their everyday life? Want to know what activities kids are most enjoying during family time? What are their dreams and expectations for the future? What they aspire to do as adults, what they think the world will be like, and what new technologies will affect their lives? These are the questions that Highlights Magazine is asking kids in their 2nd Annual State of the Kid Report.
For example, the “2nd Annual Highlights State of the Kid” survey reveals that allowance has declined drastically from 10 years ago. The 2010 State of the Kid from Highlights magazine showed the most common allowance range for ten-year-olds was $3 to $ 5 (40.8 percent). In addition, more than 90 percent said they had to earn their allowance, indicating parents are teaching kids the value of money.
The average allowance for a 10-year-old boy in 1990 was $8.50 a week, according to a Rand Youth Poll. Average allowance for a boy at 10 in 1999 was up to $16.90 a week (http://www.usatoday.com/life/lds001.htm).
The survey results, in their entirety, were recently released on August 17 at a press conference in D.C. To download the report, click HERE.
Highlights Magazine provided me with a one year subscription as a thank you for spreading the word about the State of the Kid. All opinions expressed in this review are my own and not influenced in any way by anyone. Please refer to this site's Terms of Use for more information.
The average allowance for a 10-year-old boy in 1990 was $8.50 a week, according to a Rand Youth Poll. Average allowance for a boy at 10 in 1999 was up to $16.90 a week (http://www.usatoday.com/life/lds001.htm).
The survey results, in their entirety, were recently released on August 17 at a press conference in D.C. To download the report, click HERE.
See What Kids Think:
As a parent, how do you determine allowance? Has the economy impacted your process?
This giveaway is closed. Congratulations to the winner, wildcat32!
This giveaway is closed. Congratulations to the winner, wildcat32!
Highlights Magazine provided me with a one year subscription as a thank you for spreading the word about the State of the Kid. All opinions expressed in this review are my own and not influenced in any way by anyone. Please refer to this site's Terms of Use for more information.
September 1, 2010 12:10 PM
I think we will try to figure out something soon for our 7 year old son. He understand the value of money and would like to help him learn to save and set goals. We will probably sit down and figure out what is fair for things that he helps out with.
September 1, 2010 12:10 PM
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September 1, 2010 5:44 PM
We'll determine our allowance how our parents determined ours when we were little-they actually won't be getting one, but they tend to get money for b-days and Christmas, so they'll still be able to learn how to handle money.
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September 1, 2010 5:45 PM
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September 1, 2010 9:08 PM
We go by how old the kid is- if they are 7, they get $7 a week.
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September 1, 2010 9:09 PM
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September 1, 2010 9:18 PM
I'll put off them getting an allowance for as long as possible. When it does come up, they will do pretty much what they do already, chores. Mica's 5 and has to take the recyclables down, he has to take the dishes and set them on the counter, put his toys away and put his underwear and socks away from the laundry.
Isaak's 2 and has to put his dirty things in the hamper, help put things in the washer, picks up toys, he gets out his underwear and puts his dishes on the counter.
September 1, 2010 9:18 PM
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September 1, 2010 9:19 PM
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September 1, 2010 9:19 PM
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September 1, 2010 9:23 PM
Here's what we do: we decide what we want them to be responsible for purchasing (varies with age/maturity), we work out a budget together, and we hand over the purchasing decisions to them. That way, it's not a random allowance for extras - it's a budget for spending that happens anyway and it's more controlled. Great skills for kids to learn before they become young adults!
September 1, 2010 9:35 PM
My kids are grown...I didn't really give them an allowance, but they got waht they needed and some of what they wanted, always after much discussion.
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September 1, 2010 9:36 PM
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September 2, 2010 6:11 AM
My children do not get allowances as in a set amount of money each week. They have chores they are expected to do and are given money as they need it. monster6236 at gmail dot com
September 2, 2010 6:12 AM
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September 2, 2010 8:15 AM
My children do not receive allowance. However, when they help out around the house, my husband or I will give them a few dollars for helping. This doesn't happen every time they help- mostly when they (and almost always my youngest) goes above and beyond what was asked of them to do. My oldest is good about helping when asked, although with some eye olympics and a sigh. (she's 14)She receives money to be able to go to the movies with her friends, or the mall etc. "THAT is her allowance."When my oldest gets money, it burns a hole in her pocket so she has to spend it. My youngest saves it.
September 2, 2010 8:16 AM
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September 2, 2010 10:45 AM
I think we will do a dollar a day as long as his chores are done right the first time and if not that days money is lost. Still need to think more about this as my son is only three. Thanks for the chance!
September 2, 2010 10:46 AM
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September 2, 2010 1:15 PM
i think i will do a chore based allowance//each specific chore will have a value
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September 2, 2010 1:15 PM
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September 2, 2010 8:33 PM
the boys do not have a set allowance-they do chores or help and then they will get money to spend-as they get older we will probably start an allowance
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September 2, 2010 10:18 PM
We don't have anything established right now, but I think once my son's a little older, he'll get a certain amount each week for completing a few small chores. (Though right now he collects the change around the house as a way to save up money!)
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September 2, 2010 10:18 PM
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September 3, 2010 1:58 PM
My kids will get allowance based on what they do and age jk{dot}gorcery{at}gmail{dot}com
September 3, 2010 1:58 PM
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September 5, 2010 1:54 AM
My younger 2 get $10 every 2 weeks and that amount can be diminished for poor behavior. Additionally, they can earn an additional $2 by taking on additional small chores. I don't require them to save or donate. However, I do encourage them to do so. They are required to pay for any treats such as soda or candy as well as toys.
My older teens also get a base of $10. However, they are given more opportunities to earn up to $25 every 2 weeks. They are expected to pay for their outings as well as any junk food or video games, itunes, etc,etc. My older ones are encouraged to volunteer their time moreso than income. My oldest as a result of volunteering has a job waiting for him and in the interim is bartering his services to get into the roller rink he enjoys hanging out at. My daughter enjoys beadwork so is presently exploring the idea of opening an etsy shop to support her bead habit. Additionally, mom isn't above kicking in a couple extra dollars for classes if you can make the argument the skill set will provide value later on and are willing to kick in for some of the class.
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September 6, 2010 2:14 PM
I think our daughter's allowance will be based partly on a set amount each week, with extra earned for chores around the house.
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September 6, 2010 2:14 PM
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September 6, 2010 4:05 PM
I'm mixed about allowances. Some household chores should be done by children naturally without being rewarded for doing them. Maybe we'll do an allowance for any extra stuff?
September 6, 2010 4:05 PM
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September 6, 2010 9:47 PM
My husband gives the kids allowance really not based on what they do - but on what they will need in the future. I think it averages to $5 a week - it adds up over time.
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September 6, 2010 9:48 PM
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September 8, 2010 3:04 PM
Each job will be given a monetary value and if that job is completed as requested then the money will given once a month. Then we will talk about how that money will be spent if at all.
September 8, 2010 3:04 PM
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September 8, 2010 9:57 PM
we have a chore chart and if all chores AND homework are completed, then she will get her allowance. The amount is based on her age, needs, and she always has to save half of it.
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September 8, 2010 11:30 PM
In order to earn extra money my kids need to do extra chores around the house.
September 8, 2010 11:30 PM
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September 9, 2010 1:59 AM
I still have some time to think about this. I think that kids need to learn how to earn money and not just be given money for the sake of giving money. I do feel they should be able to "ear" it so that when they ask for something, and it is a luxury, they can weigh the cost versus how much they really want it.
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September 9, 2010 2:07 AM
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September 11, 2010 8:19 PM
My girls have not yet started to earn an allowance, but I think this is the year we are going to start. I think we will give a small allowance per job done using a chore chart. The girls will earn stickers and at the end of the week the allowance will be given, a set price per sticker. I do know that my girls will be following the Dave Ramsey approach to savings, which is it will be split between shopping, saving, and charity. I already have one piggy bank that is set up that way.
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September 11, 2010 8:20 PM
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September 12, 2010 9:44 AM
We need to figure out an allowance system for our boys. My hubby still thinks our oldest (almost 5) is too young for chores. I think as long as we give him tasks that he can handle (feeding the cat, putting utensils on the table at meals, etc) that it's fine to start at his age.
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September 12, 2010 9:44 AM
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September 13, 2010 11:27 AM
Before reading the wonderful children's book "3 Cups" by Mark St. Germain, my daughter thought her 4-1/2 daughter was too young for an allowance. This book changed her mind and now my granddaughter gets her allowance each Saturday for the things she helps the family with such as folding small items of laundry, helping to set the table, dusting, picking up toys, etc. She eagerly divides it into her 3 cups.
September 13, 2010 11:28 AM
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September 14, 2010 3:55 PM
I feel that most "Jobs" should not be paid.like setting the table or folding laundry...that's just being part of the family. I do however pay for extra big type chores like cleaning out the garage and trimming the bushes. thanks
September 14, 2010 3:55 PM
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September 14, 2010 5:47 PM
I will probably determine my kid's allowance based on what chores he does. tylerpants(at)gmail.com
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September 14, 2010 11:18 PM
My daughter gets allowance if she gets gold stars during the week, she gets one per day if she is well-behaved.
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