{"id":866174,"date":"2025-07-02T11:04:29","date_gmt":"2025-07-02T15:04:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/new-wells-fargo-study-shows-parents-give-their-kids-an-average-weekly-allowance-of-37\/"},"modified":"2025-07-02T11:04:29","modified_gmt":"2025-07-02T15:04:29","slug":"new-wells-fargo-study-shows-parents-give-their-kids-an-average-weekly-allowance-of-37","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/new-wells-fargo-study-shows-parents-give-their-kids-an-average-weekly-allowance-of-37\/","title":{"rendered":"New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37"},"content":{"rendered":"

<\/p>\n

New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37<\/b><\/p>\n

\nSurvey finds 71% of parents with children ages 5 \u2013 17 give allowances; many face difficulties teaching them about money<\/p>\n

SAN FRANCISCO–(BUSINESS WIRE<\/a>)–
\nWells Fargo today released a new study illustrating how much allowance parents are providing their children and the difficulties parents have in teaching their children about money.<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250702669386\/en\/<\/a><\/p>\n

\"(Photo:<\/p>\n

(Photo: Wells Fargo)<\/p>\n<\/div>\n

\nThe survey found that 71% of parents with children ages 5 \u2013 17 give an average weekly allowance of $37, yet 51% of parents struggle to talk about money in a way their kids will understand.<\/p>\n

\nIn addition, most parents (85%) believe that giving their kids an allowance helps them learn about spending, but many (65%) feel it is difficult to step back and let their kids make their own money mistakes.<\/p>\n

Louann Millar<\/b>, leader of youth and student banking at Wells Fargo, believes an allowance provides a weekly opportunity for parents to talk to their children about money. \u201cAn allowance is a vehicle that enables children to learn about money with guardrails. The weekly activity of giving the allowance presents an opportunity for parents to discuss needs versus wants with their children. It\u2019s an opportunity to discuss your own money habits and prioritization.\u201d<\/p>\n

Digital opportunity<\/b><\/p>\n

\nIn today\u2019s world, teaching kids about money means using digital tools. Most parents (70%) believe that teaching kids about money today means focusing on digital tools, rather than cash.<\/p>\n

\nThe study found that while 73% of parents who provide a weekly allowance use cash, P2P (peer-to-peer) payment methods, such as Zelle\u00ae or Apple Pay\u00ae, are also popular. In fact, 24% of parents giving an allowance now use P2P payments, while 20% of parents give an allowance through direct deposit to a bank account, and 14% distribute an allowance through a pre-paid debit card.<\/p>\n

\n\u201cThe most surprising result of this study is how much cash is being used, even as parents understand their children prefer digital payment options,\u201d Millar said. \u201cChildren today have different financial experiences than their parents did. We have an opportunity, and a responsibility, to provide support, guidance, and tools to help parents set their kids up for success with money.\u201d<\/p>\n

Talk to your kids about money<\/b><\/p>\n

\nMost parents (85%) feel they should have more conversations with their kids about good money habits, but almost a third of parents (32%) feel uncomfortable talking with their kids about money.<\/p>\n

\n\u201cThe value of an allowance is not only dollars and cents \u2014 it\u2019s also the conversation and teaching opportunities parents have with their children,\u201d said Millar. \u201cWhether you\u2019re giving your child $5 or $35 a week, the payment opens the door to a financial conversation. You can explain what a dollar can buy, and how budgeting for tomorrow begins today, while giving your children the ability to manage their own money with online and mobile banking tools.\u201d<\/p>\n

About the survey<\/b><\/p>\n

\nThe findings are from a Wells Fargo survey, with data collection provided by Ipsos, conducted between April 28 \u2013 May 8, 2025. A sample of 1,587 U.S. parents \u2014 aged 18 and older with at least one child between 5 and 17 years of age in the household \u2014 were surveyed online in English, as part of Ipsos Omnibus shared survey program. The results of this research have a credibility interval of plus or minus 3.0 percentage points for all respondents. Respondents were asked questions about their child in one of the following age groups: 5 to 8 years of age, 9 to 11 years of age, 12 to 14 years of age, or 15 to 17 years of age. If they had more than one child, they were randomly asked about only one of the age groups.<\/p>\n

About Wells Fargo<\/b><\/p>\n

\nWells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune\u2019s 2024 rankings of America\u2019s largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories<\/a>.<\/p>\n

\nAdditional information may be found at www.wellsfargo.com<\/a><\/p>\n

\nLinkedIn: https:\/\/www.linkedin.com\/company\/wellsfargo<\/a><\/p>\n

\nApple, the Apple logo, Apple Pay, Apple Watch, Face ID, iCloud Keychain, iPad, iPad Pro, iPhone, iTunes, Mac, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Wallet is a trademark of Apple Inc. App Store is a service mark of Apple Inc.<\/p>\n

\nZelle\u00ae and the Zelle\u00ae related marks are wholly owned by Early Warning Services, LLC and are used herein under license.<\/p>\n

\nMember FDIC<\/p>\n

News Release Category: <\/b>WF-ERS<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250702669386\/en\/<\/a><\/span><\/p>\n

Media
\n<\/b>
Jackie Knolhoff
\n
jackie.knolhoff@wellsfargo.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Personal Finance Teens Parenting Finance Children Banking Professional Services Family Consumer<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Photo<\/b><\/font><\/td>\n<\/tr>\n
\"Photo\"<\/td>\n<\/tr>\n
(Photo: Wells Fargo)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37 Survey finds 71% of parents with children ages 5 \u2013 17 give allowances; many face difficulties teaching them about money SAN FRANCISCO–(BUSINESS WIRE)– Wells Fargo today released a new study illustrating how much allowance parents are providing their children and the difficulties parents have in teaching their children about money. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250702669386\/en\/ (Photo: Wells Fargo) The survey found that 71% of parents with children ages 5 \u2013 17 give an average weekly allowance of $37, yet 51% of parents struggle to talk about money in a way their kids will understand. In addition, most parents (85%) … <\/p>\n

Continue reading “New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-866174","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nNew Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/new-wells-fargo-study-shows-parents-give-their-kids-an-average-weekly-allowance-of-37\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37 Survey finds 71% of parents with children ages 5 \u2013 17 give allowances; many face difficulties teaching them about money SAN FRANCISCO–(BUSINESS WIRE)– Wells Fargo today released a new study illustrating how much allowance parents are providing their children and the difficulties parents have in teaching their children about money. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250702669386\/en\/ (Photo: Wells Fargo) The survey found that 71% of parents with children ages 5 \u2013 17 give an average weekly allowance of $37, yet 51% of parents struggle to talk about money in a way their kids will understand. 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