Kids getting average allowance of $35 per week, survey says

A new survey from American Express found more than 3/4 of parents reward their kids for doing chores with a weekly allowance. The average payout $35 per week, which is more than the $27 per week paid out last year.

Average age to start receiving allowance: 8 years old
Average age to start doing chores: 7 years old

Allowance aside, a new statistic shows 9 out of 10 parents reward their kids for academic accomplishments. Money is the most popular award, but gifts and dining out are other forms of rewards.

Another study by University of Mississippi found asking children to do household chores starting at age 3 or 4 was a big factor in predicting the children's success in their mid-20s. Despite these benefits, research shows fewer parents are requiring their children to help out at home.

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