When I was a kid, my first allowance was 25 cents a week.I was six at the time but to me it was a big deal and it was my first taste of wealth. Looks like the kids these days are living like CEO's on their parents payroll.

A new report says that the average allowance nowadays is just over $16 a week or $65 per month, which computes $780 annually.

This comes from the American Institute of CPAs (AICPA) which also  reported also learned that nine out of ten parents will make sure that their children earn their keep by working at least an hour a week.

The average kid is expected to spend 6.2 hours a week on chores before they spend their money.

It's a rough life as a kid today gets an allowance and their parents will also pick up the tab for sports and hobby merchandise, cell phone charges, movie rentals and digital downloads.

The biggest find in the report is that kids who do well in school are often rewarded for their efforts with nearly half of parents paying an average of $16.60 for each A they get on a report card according to the AICPA.

Now that I have information that puts my 25 cents  a week allowance to shame, I'd best raid the kids piggy bank for the real dough.