Helping Parents, Students & Families Achieve Academic Success | Building Educational Foundations

Does your kid’s allowance teach your child finance basics as well reinforce your family’s values? Take this short quiz to find out.

Did you skip a question?

Please answer the question(s) marked in red.

1) When your child wants something in a store, what does he do?

Plead with you to buy it until you give in and get it

Beg you to buy it and then end up in a fight with you over it

Buy it immediately with his or her own money

Compare the price at other stores before either buying the item with his money or choosing not to

2) Which is the most accurate description of your kid’s allowance?

My child doesn’t receive an allowance or receives one sporadically

The allowance is a token amount that gives my child practice handling money but doesn’t burden her with too much responsibility

I give my child a generous allowance and make purchases for her that the allowance doesn’t cover

My child receives an allowance amount equal to what I would typically spend on her and uses it for everyday purchases

3) Your child asks for a bigger allowance. Which response is closest to the one you would make?

I would refuse. I’ve already determined what the allowance should be, and I am not going to deviate from that choice

I would agree immediately. My child wouldn’t ask if it weren’t for a good reason, and we can afford a raise

I would explain why the allowance is the current rate and mention that an increase will be considered on a birthday or at the beginning of the school year

I would enter into negotiations about the allowance so that my child can develop financial negotiation skills

4) Which of the following best describes how you pay allowances?

When I remember, which isn’t very often

Usually once or twice a month when my child reminds me

Weekly though not always on the same day

Weekly on the same day

Is My Kid's Allowance Working?

1) When your child wants something in a store, what does he do?

2) Which is the most accurate description of your kid’s allowance?

3) Your child asks for a bigger allowance. Which response is closest to the one you would make?

4) Which of the following best describes how you pay allowances?