You would think that with one of the longest economic expansions in U.S. history, today's parents would be more than willing to offer their kids a decent allowance. Not so, according to a new, nationwide survey by IHateFinancialPlanning.com, the Web site for people who hate or dread financial planning.
According to the survey, only 43 percent of American adults give their children an allowance. Surprisingly, 60 percent of those same adults report receiving an allowance as a youth.
Conducted by NFO Research, Inc., the IHateFinancialPlanning.com survey of 1,013 adults, ages 18 to 64, also revealed that 63 percent of children who do receive a weekly allowance get $5 or more and 36.8 percent receive $2 or less. More than 72 percent of American adults expect their children to do household chores regardless of whether or not they receive an allowance; 27 percent give an allowance for extra chores, such as mowing the grass or shoveling the driveway and steps.