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“The practice of paying children an allowance kicked off in earnest about 100 years ago. “The motivation was twofold,” says Steven Mintz, a historian of childhood at the University of Texas at Austin. “First, to provide kids with the money that they needed to participate in the emerging commercial culture—allowing them to buy candy, cheap toys, and other inexpensive products—and second, to teach them the value of money.”
These days, American children on average receive about $800 per year in allowance, according to the American Institute of Certified Public Accountants. Kids, though, are usually not receiving money for nothing—the vast majority of American parents who pay allowance (who themselves are a majority of American parents) tie it to the completion of work around the house.
Parents’ preference for this setup has spawned an array of apps that let them dole out allowance money once chores are completed, and even pay for an individual chore. Homey, an app that’s effectively a digital chore chart, allows parents to issue payouts upon visual confirmation of finished chores and is used by 100,000 families. A similar app called BusyKid, which launched earlier this year and is used by 25,000 families, also lets children invest in the stock market with their allowance money. (These apps are just two of many new digital tools, including RoosterMoney, Current, and goHenry, for managing children’s money and teaching them about personal finance.)”
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