When you're a child, you feel like $100 is a lot of money. Think of all the candy, toys, and clothes you can buy. Of course, as you get older you soon realize that $100 will not cover your food shopping, travel expenses, and/or bills for a week, let alone a month.
Over the decades, it seems that children have received more pocket money because the cost of living has increased, and now researchers have found that each year children receive a whopping $580 a year – that's $5,228 between the ages of seven and 16. More than five thousand dollars! Yes really.
According to Xero, a cloud accounting software company, kids earn this amount of money from a variety of different things: pocket money, cash from getting good grades at school, and, of course, birthdays and Christmas money.
Here's a breakdown on how much
Kids are given $21.72 a month which totals over $260.11 each year.
Birthday and Christmas money
They also receive $86.27 on their birthday from family and friends each year and $87.58 at Christmas time.
Money from relatives
Loved ones fork out $75.81 a year for on children.
Kids roughly receive $41.83 at Easter every year as well.
And if they get good grades, children from the ages of seven to 16 receive $43.13 a year.
Research has also shown that some children earn even more — we're talking up to $6,557 — by selling old belongings, cleaning neighbors' cars, and babysitting. Wowza!
If you're wondering where your children's cash is, chances are they've probably spent it! As almost half of 2,000 parents asked in the survey admitted that although their children understand the concept of saving money, they still don't. Hmm. Unfortunately, we can relate to that…
Here are the top 10 ways children make extra money over the years
Selling old toys/belongings on eBay
Selling things at school
Cleaning neighbors’ cars
Doing a paper route
Mowing/watering neighbors’ gardens
Cleaning for neighbors'/relatives
Charging for technical support
Well, there are a few ways to get your kids more active and/or helpful around the house!
This post was written by Eden-Olivia Lord. For more, check out our sister site Closer.