New York (WQOW) – A new report shows kids are making bank when it comes to their weekly allowance.
According to the American Institute of Certified Public Accountants, kids raked in an average of $30 a week in allowance, which equates to around $1,500 a year.
Only three percent of the parents in the survey said their kids primarily put their money into a savings account. Parents, instead, say their kids are using the allowance on outings with friends, digital devices or downloads, or toys.
Parents in the survey say their kids do chores for approximately 5.1 hours a week. That is down slightly from 2016, but the ‘wage’ is up 38 percent during the same timeframe.