Youth & Money

Facts About Kids & Money

• The most common weekly allowance amount is $5.00 for 5 to 13 year old boys; as well as for 7 to 13 year old girls.

• Many parents pay all of their kids the same amount regardless of age.

• Some parents pay their kids allowances through the early 20's.

• The oldest person reported to receive an allowance is a 32 year old and the youngest is a 1 year old.

• (source: www.kidsmoney.org)

“We need to teach our children what my grandmother taught me: Think twice about spending money you don't have on things you don't need to impress people you don't like anyway." - Michelle Singletary, Washington Post syndicated personal-finance columnist

Coin Poem
Penny, penny,
Easily spent
Copper brown
and worth one cent.
Nickel, nickel,
Thick and fat,
You're worth five cents.
I know that.
Dime, dime,
Little and thin,
I remember,
You're worth ten.
Quarter, quarter
Big and bold,
You're worth twenty-five
I am told!

How Kids Learn About Money

If you’re like most people, you probably learned about money from the “School of Hard Knocks.” If you were lucky, you may have had parents who talked openly about money with you, and perhaps even showed you how to earn and save money. Perhaps you learned in school how to balance a chequebook, or how interest can make your money grow.

But chances are, most of your financial education came from your experiences, both good and bad. How your parents or the adults you grew up with talked, acted and felt about money probably also rubbed off on you in different ways. If they were spenders and always seemed to be living on the edge financially, you may also have trouble keeping a dollar in the bank.

Or you may be just the exact opposite – a careful saver who feels guilty about spending a dime. If you never had the opportunity to earn an allowance or get a job, you may have felt powerless and unable to get what you want, and that may have led to overspending when you finally did start earning money.

If you want to help your children avoid the same problems you’ve experienced, and grow up with good money habits, this booklet is a good place to start. It offers strategies for talking with your kids about money, and teaching them valuable skills that can last a lifetime.