Inflation is making an impact in a lot of places including some kids’ paydays.
INDIANAPOLIS — Most parents give their kids some sort of allowance.
The goal is often to teach kids about money and how to handle it.
In the past year, almost one out of three parents gave their kids a raise, according to a Wells Fargo study.
Louann Millar, who works in the company’s youth and student banking division, said the reality is, the things that children and young adults are spending their money on have increased in price.
The study also found that two out of three parents kept their rates the same.
So, how much money are kids making a week?
The median is $20.
“The younger the kid is, the less they get. Around $15 to $20. As they mature and enter their teenage years, and especially as they start thinking about college or other expenses, you start to see higher amounts — up to $50,” Millar said.
While cash is still king when it comes to how kids are paid, some are using peer-to-peer apps and direct deposit.
Helping to start a conversation about money and how to handle it.
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