Typical kid gets average of $454 in allowance in 2017

(FROM USA TODAY / ANNIE NOVA, CNBC) – Piggy banks might be on the endangered species list, yet your kids still need to learn about money. They’re handling a lot of it.

Kids ages 4 to 14 received an average $454 in allowance over the course of 2017, in addition to cash gifts for birthdays and holidays, according to a forthcoming survey from allowance tracker RoosterMoney. The average kid takes home around $8.74 a week.

The app polled 10,000 of its users.

Offering an allowance is an opportunity to teach children how to spend and save. People form many of their financial habits by seven years old, a 2013 University of Cambridge study found.

Click here for tips on how to teach kids the value of money in a digital age.

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