Smart Strategies for Paying Your Child an Allowance

An allowance can be a powerful tool for teaching kids how to earn, budget, save, and manage money as they grow.

Offering your kids an allowance can be a great way to teach them financial responsibility. Dreamstime/TCA

By Ella Vincent From Kiplinger’s Personal Finance

The practice of parents paying their kids an allowance is still going strong. A recent Wells Fargo survey found that 71 percent of parents who have children between the ages of 5 and 17 give them an allowance, averaging $37 a week.