I want to give my child an allowance but I'm not sure how much is appropriate. Any suggestions?

Depending on the family income, one to four dollars per week for children ages 6 to 8 and four to eight dollars per week for children ages 9 to 12 would be a good beginning place. You may want to give the allowance in a variety of denominations (including both coins and bills). This may make it easier for young children to divide their allowance into various categories.

For additional information, see www.wisepockets.com a website developed by the Center for Entrepreneurship and Economic Education at the University of Missouri-St. Louis.

Mary Anne B. Pettit, Center for Economic Education, Southern Illinois University-Edwardsville

Last update: Tuesday, July 05, 2005