“A rule of thumb is a weekly amount that is the child’s age in dollars: $5 for a 5-year-old, $10 for a 10-year-old and so on. Parents can consider a larger sum, paid monthly, when the child becomes a teenager, said John Lanza.”
– Ann Carrns, New York Times personal finance writer
This New York Times piece reviews the findings of a 2019 survey conducted by The American Institute of CPAs. It includes some thoughts from Chief Mammal John Lanza as an additional perspective on allowance.
The article contains information on and strategies for:
- The survey’s findings
- Deciding on an allowance amount for children
- Encouraging kids to save
- Decoupling chores and allowance