Should parents pay an allowance to kids and how much?

CHICAGO (WLS) -- Nearly 80 percent of parents say they pay their child an allowance, according to a T. Rowe Price survey.

Should you be paying your kids and allowance and if so, how much and what should they do to earn it?



Craig Bolanos, co-founder and CEO of Wealth Management Group, joined ABC7 to talk about how old kids should be to start getting an allowance and how much to pay them.

SEE ALSO: Should couples should keep their finances separate?

Bolanos also spoke about if children should work to earn their allowance and whether or not to pay them in cash.