Originally published Wednesday, January 10, 2018 at 06:03a.m.
EDITOR'S NOTE: For more information on the RoosterMoney survey, click here.
A recent survey completed by RoosterMoney revealed children ages 4 to 14 received an average $454 in allowance in 2017, which is a take home for all ages of about $8.74 per week.
Seriously. You can’t make this stuff up. And I doubt the 10,000-plus users who took the survey were, either. That’s a fairly hefty sum for a child who’s been out of diapers for only a year, isn’t it?
Apparently, I’ve fallen behind the “allowance app” times.
How’s that even possible? I’m part of the generation that not only remembers when everything was analog, but has ushered in the regular use of computers, the internet, smart phones, digital photography, high-definition televisions, electric cars, social media and wireless … well, everything!
The list goes on. But somehow we’ve failed in teaching our kids about money because my soon-to-be 6-year-old son doesn’t receive a text on his non-existent cell phone telling him I deposited bitcoin into his digital online account?
The survey revealed that the average 4-year-old child of those surveyed received $3.76 per week, while on the other end of the spectrum, a 14-year-old teenager, received $12.26 per week.
Tips designed for parents in a recent USA Today article titled, “Here’s how much the typical kid gets in allowance each year” that highlights the RoosterMoney survey included making digital currency feel real, reward saving and teach your children the pain of debt.
All good points.
William Carmichael, CEO of RoosterMoney, said in the article that parents are actually doing a disservice to their children by teaching them about finances solely via cash.
“That’s not the world their kids will live in,” Carmichael said.
Although I admit that statement may be true, there’s still nothing wrong with the old-fashioned piggy bank set up, which my family uses on a regular basis to teach our kids about money.
Our piggy bank is actually a very cool baseball-oriented bank with a flat bottom that sits on the desk in my home office. It is strategically placed for the reachability of my two children. Spare change from our pockets, the couch or the floor is used to populate their savings. And every once in a while, dad cracks open the old wallet for additional funds.
We save for everything from that new cartoon movie they want to see, to that treat they saw at the store, or for that new Lego set we saw. You’d be surprised how far spare change goes.
We also save for other things entirely, like that window my son broke because he and his sister decided throwing rocks one day at the house was a fun time.
Crash. Scared cry fest. Dad and mom turn red. Hug and console, then remind them both they’ll be saving for a while to fix that window.
It’s important to teach our children the value of a dollar, but it’s also important not to bombard them with smart-phone apps, digital bank accounts and tracking every cent they earn from taking the trash out while they’re still trying to learn how to correctly write their names.
Maybe this is one of those instances where it’s just better to let them be kids.
Brian M. Bergner Jr. is sports editor for The Daily Courier, the Prescott Valley Tribune and the Chino Valley Review. Follow him on Twitter and Instagram at @SportsWriter52 or on Facebook at @SportsAboveTheFold. Email firstname.lastname@example.org or call 928-445-3333, ext. 1106.