Allowance actions

August 02, 1998|By Allentown Morning Call

Just a little more than half of American families give their children an allowance, meaning there are a lot of children not on their parents' payroll, according to a survey conducted for Lutheran Brotherhood, a charitable organization that offers financial products to Lutherans.

Seventy-nine percent of parents who give allowances help their children save for short-term goals, and 56 percent help their children save for long-term goals. Sixty-eight percent limit what their children may buy; 35 percent require their children to donate a portion to charity.

Most parents require children to earn at least part of their allowance by doing chores. About 39 percent believe the allowance should be tied to academic performance. Dads are willing to fork over more money to a 10-year-old - $6.76 a week - than moms: $5.66 a week.

Pub Date: 8/02/98

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