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.
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.
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.
Pics:
pixabay
The information posted above is for informational purposes only and should not be considered financial advice.
Smart kid will accept only Bitcoin as allowance, @doitvoluntarily ;)
We sometimes pay our children in crypto. Its fun to listen to them trade their tokens amongst each other