The average allowance these days gives kids enough money in a year to be able to buy an Apple iPad and three Kindles-- and still have money left over.

According to a national survey by the American Institute of CPAs, the average allowance is $65 a month, or $780 a year.

The majority of parents require their children to earn their allowance. Eighty-nine percent expect their children to work at least one hour a week. On average, children put in 6.2 hours per week on chores.

Almost half the parents with kids in school also pay for good grades. The average going rate for an A is $16.60.

When they get the cash, kids most often use their allowances to buy toys or to hang out with friends.

Also, parents who pay an allowance are more likely to also pay for "discretionary items" like sport- and hobby-related expenses, mobile phone service, movie rentals and digital downloads.

[TheBitXchange.com]