Kids all over the country will be cheering this news. A growing number of parents are giving their children allowances of between $11-$20—and even $21-$30—per week, a sharp increase from 2011, according to a T. Rowe Price survey for Reuters.
While allowances are going up, the percentage of parents who are forking over a mere $10 and below has dwindled to 68.4 percent, down from 77.3 percent.
The numbers were taken from T. Rowe Price's annual Parents, Kids & Money survey, in which allowances from 2013 were compared with those from 2011.
"There could be a couple of things going on here," Stuart Ritter, senior financial planner at T. Rowe Price, tells Reuters. "One is that the economy has been getting better, families are feeling a little more stable and are sharing that with the kids."
"It could also be that parents are simply involving kids in bigger financial decisions," he adds.
While Reuters doesn't break down the allowance amount by age, the site says the numbers fall in line with a 2012 survey by the American Institute of CPAs, which found that the eldest kids "received an average of $16.25 a week."
Unless you're the 4 percent of parents who gave their kids between $41-$50 per week in 2013 ("almost quadruple the number from the 2011 survey," according to Reuters)—or the more than one percent who gave their kids between $91-$100 per week.