Survey finds average allowance for kids reaches $52 per month

The cost of everything is going up, that includes the cost of paying our kids for doing chores. New study shows the average allowance has now topped $50 per month. The per week price varies depending on the age of the kiddo, and how many chores they do, of course.

Overall, a study showed that giving kids an allowance works, 78 percent of parents say their children can handle money responsibly and 61 percent admit their kids are more financially responsible than they were at the same age.

Cash is still king, as 56 percent of parents still give their kids cash, but nearly a third have embraced alternatives. 17 percent pay their kids through digital payment apps like Venmo, and 14 percent of parents use preloaded debit cards, like Green Light designed for kids.