Paying Out An Allowance In Cryptocurrencies

Many parents use allowances to teach their children about financial responsibility. Millions of children who are under the age of 18 still receive an allowance today, about 40 percent of children according to a past CreditCards.com survey.

The average allowance weekly payout is roughly $4/week in the United States, in the UK it's about €7 every week, and in Australia it's around $40 per week.

Cash is still the preferred choice that millions of parents go with, but not the only option.

A growing number of parents have opted to use options like mobile payments and direct bank transfers to send the funds. Some have even admitted to paying it out in cryptocurrencies.

If parents want to use the opportunity to teach their kids about money, it's no surprise that some are starting to see how it would be a benefit for them to learn about cryptocurrency, as it could easily become the future of money and the most widely used form of payment in the world.

Over the years, more families have opted for convenience with cashless allowance options.

To help, you can find apps like the 'KiddoBank' which was designed to be a digital piggy bank that parents can load with their own funds, backed by a cryptocurrency.

Other apps, though they might not be related to cryptocurrencies, can also provide cashless options, and they enable parents to load funds and monitor the spending of their children too.

A variety of options have already come to market, like RoosterMoney, FamZoo, iAllowance, Tykoon, Greenlight, and Threejars.

Allowances have increasingly followed the cashless trend, and as cryptocurrencies have grown more prevalent now we find that there are already thousands of people who have the option to be paid for their work in cryptocurrency. If more people continue to embrace cryptocurrencies then we can expect that many more parents will likely be paying allowances in cryptocurrencies instead of cash.

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The information posted above is for informational purposes only and should not be considered financial advice.