Infographic: Allowances for kids? So old-fashioned

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Allowances may die out as millennials become parents, according to an August 2013 survey from financial services firm Country Financial.

While more than 70 percent of the 65-and-over crowd say kids should get an allowance, fewer than 60 percent of 18- to 29-year-olds feel the same way.

Yet the millennials who do think kids deserve an allowance tend to be more generous than the older generations.  While about 65 percent of those over 65 say kids should scrape by on less than $10 a week, fewer than half of millennials say the same. In fact, 38 percent of millennials (compared to 24 percent of those over 65) say kids should earn a more lavish allowance of $10 to $20 per week.

The national telephone and online survey polled 3,000 American adults. Results have a margin of error of plus or minus 2 percentage points and a 95 percent level of confidence. The charts below show, by age group, the percentage of adults who feel kids should get an allowance -- and what adults overall consider to be a fair weekly allowance.

Kids' allowances

See related: 8 financial experiences your kids need to have now , More infographics

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This article appears in: Personal Finance , Credit and Debt

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