Saturday, September 17, 2016

Survey The Stats On Allowance vs Paid Chores vs Both vs Neither

Allowance Stat Pie Chart

Like any skill, managing money takes hands-on practice. So what’s the best way to put some funds in your kids’ hands? A regular fixed allowance? Payments for specific completed chores or odd jobs? A combination of the two? Or, perhaps neither — just make one-off transfers when necessary.

Here’s what parents are doing based on anonymous statistics collected from paying families in the last 60 days:

  • Allowance: 68.8% of parents delivered regular allowance payments, but no payments for specific chores.
  • Chores: 6.8% of parents delivered payment for specific completed chores, but no regular allowance payments.
  • Hybrid: 7.0% of parents delivered both allowance and individual chore payments.
  • Ad Hoc: 17.4% of parents delivered funds as needed with no regular allowance or chore payments.

So what’s ideal? Of course, it depends on your family’s situation and values. But the simplicity and structure of a regular allowance is clearly popular.

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