The average kid makes about $65 a week in allowance—earnings that add up to $780 a year. That’s enough to buy some pretty neat stuff …if children were to save their earnings. However, their parents say most don’t. According to a survey from the American Institute of CPAs, only 1 percent of children save even a wee bit of their allowance income—despite the fact their stay-at-home pay would be enough for them to buy an iPad and a couple of Kindles to boot. Many experts say kids are just following the lessons their parents are teaching them. After all, Mom and Dad aren’t necessarily doing a great job of saving, and because most allowance-paying parents also pay for their kids’ mobile phones, sports equipment and other bills of everyday life, kids and teens aren’t forced to manage their money much if at all. Claire Levison of the American Institute of CPAs would like that to change: Parents should make an allowance contingent not just on chores, but on putting a potion into savings—20 percent would be a good amount, she suggests. (Time)