While a vast majority of parents assign chores to their kids, a new survey reveals that only half dole out allowances for services rendered.

However, according to an AOL Daily Finance report, a new survey called Chores & Allowance and the 21st Century Kid reveals that just 21% of paying parents connect the payouts with chores.

Other results of the survey conducted by DoughMain.com include:

  • 47% of respondents feel that allowances help children learn to manage money.
  • 26% provide non-monetary rewards such as television or computer time, to compensate their kids for completed chores.
  • Some parents object to associating chores and allowance, hoping their kids will learn that some things are done out of a sense of responsibility.
Conventional wisdom suggests that chores teach children about responsibility while financial rewards motivate and teach them the importance of money management.

For those debating the route to take when it comes to kids, chores and allowances, here are some tips to keep in mind:
  • Start early: As early as age 6, kids can handle small allowances, so try to determine an amount that sensibly addresses their expenses.
  • Encourage money management: Allowances can help kids save for specific goals, earmarking portions for charitable donations, entertainment, clothing, etc.
  • Combine chores and allowances with money discussions: Talk about how you manage the household budget, providing your kids with valuable insights about the cost of groceries, utilities, services, and so forth.
  • Teach responsibility: Financially unrewarded chores can help teach kids responsibility.