Family and money. It has been a source of tension for generations — and between generations.
There is no perfect or solid guidelines on how to approach the subject of money when it comes to the very first steps of family financial interactions. That is the finding of a survey for MyDoh, an app designed to help kids learn about money and financial responsibility.
The posed this question in hopes of finding some practical rules that could be helpful. What is the right age to start giving kids an allowance and how much is appropriate?
Well, the answers were anything but consistent, says the report. First of all, about half of families provide an allowance, the other half doesn’t. So there is a wide gap on the topic itself.
They are half-and-half again on whether withholding allowance is an appropriate punishment.
In BC, the average allowance is about $18 a week and almost $24 in Ontario, a variance of $300 a year. Parents in Saskatchewan start providing an allowance to their kids at age nine, two years ahead of the national average.
