I have come to the conclusion I was born too early. My average allowance back in the 1970's, when I was growing up was $2.00 a week and yes, If I didn't do my chores, I would have that amount reduced.

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Nowadays, take that figure and multiply it 13x.

A new study conducted by VOUCHERCLOUD.NET finds that American parents give their children an average of $1,360 per year in the form of allowance, rewards, gifts and bribes.

Parents were polled as to whether and why they give money to their 5- to 10-year-old children. The study concluded that parents on average, gave each of their children $113 per month.

Interesting side note is that when parents were asked to explain why they gave out cash to their young kids Here were the top responses:

  1. To reward them for good behavior (61 percent)
  2. To bribe them to be good (51 percent)
  3. To provide a gift for a special occasion, such as a holiday or birthday (46 percent).
  4. To pay them for chores (44 percent)

Most parents say they would like to give less money to their children, but many say they feel like they are in competition with other parents or they don't want to disappoint their children.

Read more here.