In 2020, members of Gen Z, the Zoomer generation (born 1999-2009), and members of Gen Alpha (born 2010 or later), earned $272 billion through allowances, paid tasks or gifts. 

With children home due to the pandemic, parents needed to keep them busy. Overall American children earned $720.3 million (about $60 per child) from extra tasks – like babysitting, mowing the lawn, washing the car and cleaning. 

Average weekly allowance by age

The average weekly allowance ranged from about $5 for 7-8 year-olds, gradually increasing with age to $13 for 16 year-olds to over $15 for 17-18 year-olds.

Savings goals

Kids and teens saved on average 10% of their income. Savings goals vary based on age:

• Ages 6-10 are saving most often for Christmas
• Ages 11-15 are saving for a phone
• Ages 16+ are most likely saving for a car

Spending their money

Kids and teens were busy spending money in 2020, too! Here's a look at what they spent their money on!