Some kids this morning may learn they are getting a raise in their allowance.
A new study asked several parents what they pay their child to do chores around the house.
$65 a month! That works out to about $15 a week.
That’s $65 a month, above and beyond the things their parents buy for them.
and just 1 percent of parents say their kids put any of it into savings.
And when do kids start getting an allowance?
Most of the parents started doing so when their kids were 8 years old.
Eighty-nine percent of parents surveyed said that they require their kids to earn their allowance by doing chores -- at least an hour of them a week, though most kids did about 6 hours a week worth of work for their money.
Even so, some experts say that $15 a week seems a little high, considering that parents are also buying their kids everything they want and need -- including those CDs, movie tickets, and video games.
When it comes to chores, "children should be doing things above and beyond the normal expectations of contributing to a household," she says. "I would say that keeping your room clean is just a regular expectation. Something like cleaning out the car, that would be above and beyond."
If you give your child an allowance the experts say parents need to stress the need to save instead of spend.
Parents should encourage kids to save 20 percent of their allowance.