SAN FRANCISCO (KGO) -- How much allowance does your child receive? Michael Finney has another 7 On Your Side Quick Tip for you!
There's a new survey out that finds the average American child receives $30 per week in allowance. Not bad!
So, where does that money go?
Well, about half of it goes toward outings with friends, then digital downloads and digital devices, and then toys.
The experts say it doesn't matter so much what the money gets spent on, as the trip it takes to get there -- i.e., are they saving money each week to buy a bigger purchase later? That's the lesson you really want your child to take away. That money doesn't grow on trees and that you have to save up if you want the big items.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
QUICK TIP: How much do your kids get for their allowance?
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