Does your child’s allowance meet the national average?

The economy might be struggling – but kids’ allowances still seem to be pretty reasonable...

Here is a list of the going rates, according to a recent survey by Nickelodeon:

6 – 8 years old: $ 4.80

9 – 11 years old: $ 7.00

12 - 17 years old: $16.60

Janet Bodnar, author of “Dollars & Sense for Kids,” says allowance for children under the age of 6 is not necessary. Most don’t really start learning about money until 1st grade. She says not giving them allowance usually backfires - because they’ll wind up getting money out of you anyway. Allowance helps them learn how to appreciate and manage it. As a general rule, giving them half of their age in dollars per week is an easy system for you both to understand.