Kids are being told about the Great Recession.
Seven out of ten parents with children between the ages of 6 and 16 said their kids know we’ve been in a recession, according to a just released survey by American Express.
“This number suggests that talks about the current economic environment are happening at kitchen tables across the country,” said a news release about the poll’s results.
Despite the tough environment, allowances remain common, the survey of 506 U.S. households found.
Sixty-two percent of parents give their kids an allowance, the release said. The average was $12 per week.
Reasons for giving an allowance vary, according to the survey:
– Almost half of the parents who give one expect the money to be spent, not saved.
– Almost a third of the parents said the main reason for giving an allowance is to reward the child for good grades or household chores.
What happens in your family?
Have you discussed this recession? Why or why not?
What do you do about allowances? Have you cut back in this economy?
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