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According to a survey done by the American Institute of CPAs AICPA sixty-one percent of parents that pay their child allowance fifty-four percent of which started giving their child allowance at eight years old Of those children only around one percent saved their any part of their allowance The decision to give a child allowance is up to their parents but there are many benefits to giving a child an allowance An allowance may seem like an easy way to get money every week but this is not the case when the child must do chores or other jobs in order to earn the allowance By earning an allowance by doing chores the child will understand the value of money and get an idea of how the real world works Likewise the child could develop budgeting skills when they save the money to buy a toy or product that costs more than their allowance allows as well as their shopping skills Finally it can also increase the level of maturity and help them become comfortable with being independent An allowance when given to a child with certain rules can be a learning experience to teach them morals that will stick with them throughout the rest of their lives The way jobs work in todays economy is the person does their job for a certain amount of hours every weekday and at the end of the week sometimes two weeks they get their paycheck An allowance does not have to be very different from that The child has to do a certain amount of chores or hours over the course of the week and at the end of the week they get their allowance The parent could have them log in how long it takes them to do each chore Now not only does the child have money in their pocket but they are additionally beginning to grow their knowledge of the economy
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