New Year, new allowance rules for kids

When it comes to allowances, kids and parents alike believe "everybody's doing it," ... everybody except them. The truth is, however, while some families do have their progeny paydays in order, most of us don't. We all want to teach our kids how to be financially savvy and responsible, but somewhere between good intentions and real life, the wheels fall off the bus and allowances get stuck in the breakdown lane.

In fact, a study by Canadian marketing and social survey research consultancy, Environics Research Group, reported only 41% of parents provide allowances.

Judging from an informal poll of Facebook friends and colleagues, that sounds about right, however, the absence of allowances doesn't mean parents don't like the idea.

"I had to give up on allowances," wrote mother of two, Suparna Mhaskar Lundquist on Facebook, "It got to the point where I was nagging more than it was worth." Gigi Green wrote that her plan was, "In theory, $10 dollars a week for chores: picking up dog poop (three dogs) daily, empty dishwasher, feed dogs, clean room, put clean clothes away ... In reality: none of the above." While Kim Petersen wrote, "It's all a mystery to me."