DENVER -- A recent survey by KRC Research found 67 percent of parents give a monetary allowance to their children. 49 percent of those surveyed said they pay their kids for good grades.
There are many different approaches to take when it comes to deciding how to pay or reward your kids. Some parents give a regular allowance, regardless of the child's contribution to household chores. Others may pay for specific chores. Some base the allowance on behavior. And some parents don't give money, but use a different reward as an incentive.
Denver financial literacy expert Rachell Namoff says whatever approach you take, your children may be more motivated if they're part of the decision making process.
"Have them buy in to what the rewards are, have them buy in to what the chores are, have them be part of the process to create this program," says Namoff.
Namoff gives a small base allowance to her children, and they have the option of earning more for doing additional chores. As far as the amount, that depends on their age, with the base amount per week matching the age of the child.