What's the going rate for an allowance? How much money to give your kids
A Wells Fargo study released July 2 found that 71% of parents with children ages 5-17 give them an average weekly allowance of $37.
The study also looked at how allowances are distributed and how parents feel about teaching their kids about money.
The study was conducted online between April 28 and May 8, 2025, with data collection provided by Ipsos. It surveyed 1,587 U.S. parents aged 18 and older with at least one child between 5 and 17 years of age in the household. The study has a 'credibility interval' of +/- 3%.
How do parents give an allowance?
The study found that 73% of parents who provide a weekly allowance use cash.
Another 24% of parents use a peer-to-peer payment method, such as Zelle or Apple Pay. Others use direct deposit to a bank account or pre-paid debit cards.
'The most surprising result of this study is how much cash is being used, even as parents understand their children prefer digital payment options,' Louann Millar, leader of youth and student banking at Wells Fargo, said in a press release. 'Children today have different financial experiences than their parents did.'
Does giving an allowance teach children about money?
The survey found that 51% of parents struggle to teach their children about money, with 32% feeling "uncomfortable" talking with their kids about money.
Overall, 85% of parents believe that giving their kids an allowance helps them learn about spending, but 65% find it difficult to step back and let kids make their own money mistakes, according to the survey.
Millar said that an allowance can be a useful tool to teach children about needs versus wants, money habits and prioritization.
'An allowance is a vehicle that enables children to learn about money with guardrails,' Millar said. "Whether you're giving your child $5 or $35 a week, the payment opens the door to a financial conversation. "
This article originally appeared on The Providence Journal: How much allowance should I give my kid? Study shows the average
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