Kid's Allowance Is $780 Per Year On Average: Survey

08/24/2012 12:55 pm ET

Gone are the days of piggy banks. Kids these days just aren't saving much.

According to a recent survey by the American Institute of CPAs, kids that earn an allowance are making an average of $780 a year, or about $15 a week.

Unfortunately, most of the money kids earn is spent on buying toys or hanging out with friends, leaving little money leftover for saving, the survey found. Only 1 percent of parents who pay their kids an allowance said that their kids save the money, according to the survey.

It seems the apple doesn't fall far from the tree, as Americans on the whole have terrible saving habits.

Half of Americans spend more than they earn and nearly half of us don't have enough money saved up to afford three months of expenses in the event of an emergency.

We also really stink at teaching our kids about how to manage their personal finances. Parents would rather talk to their kids about drug use than money, according to a study from investment firm T. Rowe Price released in March.

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