Data shows that about half of parents (56%) choose to give their child an allowance, and many children start receiving it by age 8, sometimes younger. There's no set age—or amount—for every child. Allowances are often rewards for completing chores such as doing the laundry, cleaning their room, or feeding family pets. The decision to give your child an allowance comes down to your family priorities and budget. The sooner you start giving an allowance, however, the sooner you can use the opportunity to teach them the value of money, savings, and budgeting.