This week, we asked the Invstr Community what their opinion is on allowance for kids. The winner, by a slim margin, was the 39 percent of Invstrs who believe that the allowance should rely on the chores completed. Chores are one of the best ways to build responsibility in a child, and it’s a reasonable amount of work for a kid. For children, there are little to no ways to make money legally but linking allowance to their chores allows them to experience the hard work necessary to make money in the real world. With this being a practical solution, it’s no surprise that this holds the first-place spot. In second place is the 29 percent of Invstrs who believe $10 per week is the typical weekly allowance. This is a decent amount that doesn’t overpay your child while also being affordable under a family budget. Although it might be a bit inconsistent, it makes for a smart 2nd place vote.
To close out the podium, we have the 20 percent of Invstrs who believe $20 per week is a reasonable allowance for children. 20 dollars allows children to have access to more financial decisions, and it’s a good middle ground in the poll. However, $20 could be a bit too much for a kid and more for a tween, making this a good bronze medalist. In last place is the 12 percent of Invstrs who believe $30 per week is the better allowance for kids. 4th place suits this vote well as many families can’t afford to sustain a $30 allowance, and it might be too high for children to take care of. $30 seems more like a reward as opposed to a weekly allowance, but it can be utilized in special cases.
If you have some allowance money that you want to invest, make sure to open an Invstr Jr. account! Have fun and see you next time with more poll results!
The Invstr Team 🙂
