Parents are spending over $70 billion dollars on everything from day trips to sleep away camp to help children enjoy the summer. But the kids will also be doing their fair share of household chores too, according to the new American Express Spending & Saving Tracker.
When compared with the last two years, spending is up with parents laying out 12% more this year than last and a whopping 59% more than they did in 2012. The increase in spending is not surprising considering that key areas like shopping, entertainment and travel have all been on the rise this year.
Spend, spend, spend
For each child, parents will be doling out an average of $959 to make sure their offspring aren’t bored this summer. More than three-quarters of respondents are planning day trips and nearly half are shuttling kids to games. Here are the numbers:
Not so fast – working for the money
Kids will also be working hard around the house this summer, with almost all parents (98%) saying that they will be giving them chores to do. The to-do list may include cleaning up their room, sorting the recycling, taking out the trash, washing dishes, caring for their pet, and vacuuming.
In addition to paying for summer activities, 83% of parents are also giving their kids an allowance this year, up from 66% last year. Yet kids will find they are making a little less, earning an average of $27 a week, down from 2012 when they banked $32.
Some teens will be getting jobs this summer, opting to babysit, landscape, or work at a fast food joint, retail store or the local grocery store. According to parents, teens are planning on spending their wages this year rather than put it in the bank. Some will be saving their money with an eye on buying a car (27%), covering car insurance (32%), or saving for college (25%).
The American Express Spending & Saving Tracker was conducted between June 13 and 16. The survey was completed by 1,253 parents with children under the age of 18.