Editor’s note: This is a guest article by the app BusyKid.
A 2019 telephone survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) found out that 75% of parents give their kids allowance, mostly from helping with household chores, in the hopes that this would teach them the value of money and financial responsibility.
What’s interesting, though, is that of the 1000+ respondents, only 3% claimed that their kids actually saved their allowances. According to the parents, the money is mostly spent on going out with friends, digital devices and downloads, and toys. Clearly, it’s not “a penny earned is a penny saved” for most of these kids, and parents have a long way to go in instilling the value of a dollar on their children.
Chores and allowances are great tools for preparing your children for the future. However, they’re only as effective as how you’re going to use them to achieve your goals. Letting your kids get away with not helping around the house or simply handing them money without proper guidance is a missed opportunity for teachable moments that could potentially mold them into better adults and citizens of this country.
With tools like kids chore app and money management applications that allow parents to link allowances to chores, it’s a lot easier for modern-day moms and dads to encourage their children to take up household chores while imparting to the children the value of a hard-earned buck and saving for the rainy days
Of course, if you really want to drive your kids and get them into the habit of helping at home and responsible spending, you have to make these things fun and satisfying for them! You need to find age-appropriate ways to keep them engaged and challenged with chores and continue guiding them along the path of financial responsibility.
The infographic below will give you an idea of just how much kids these days know about chores and money, and hopefully, make you realize why we need to start teaching them these values while they’re young if we want to build a better future for them.