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There's an argument that takes place in my house pretty much every week, and it centers on the topic of allowances. My three kids (aged 9 to 12) do not get an allowance. Period. And there's a reason for it.

First, I'm of the mindset that you don't get money just for being a member of this household. Secondly, I'm not going to give my kids an allowance as a reward for doing their chores. As I like to tell them, "Your chores are your contribution to this household, and in this family, everyone helps in one way or another."

I also don't give my kids an allowance because I'm not super confident in the likelihood of them using that money wisely. I've seen my daughter, for example, take her Tooth Fairy money into school and use it to buy Doritos -- something I can load up on at Costco for a fraction of the cost at the school cafeteria. So I'm not going to just hand out money week after week only to see it get blown similarly.

Now I do acknowledge that my $0 allowance is a bit, well, stingy, to put it mildly. But when I did some research into the average weekly allowance that U.S. kids get, I was downright shocked.

A really big number

Data from T. Rowe Price shows that parents give their kids an average weekly allowance of $19.39. And yes, that's on a per-child basis.

Now I'll be honest. My first reaction to that number was something along the lines of, "What on earth are these people thinking?" My next thought was "How much money are these people making that they can afford almost $20 a week -- per kid?"

Of course, it's certainly not my place to judge other people's financial habits. And it is commendable that parents are being generous with their children.

Still, that average figure worries me. While I could sort of see giving a high-schooler $20 a week, giving that much money to a 9-year-old is a different story.

What adds to my concern is that many children are not taught how to manage money at school -- though thankfully that's changing, and now, 25 states mandate that students take a personal finance course prior to graduation. But for those who aren't getting that education, I hate to think of all the money that could potentially be getting spent on useless things, like overpriced cafeteria Doritos.

How to help your kids make the most of their allowance

Let's be clear -- there really is nothing wrong with giving your kids an allowance, especially if they're going above and beyond to earn it, like taking on extra household chores. But if you're going to give your children money on a weekly basis, make sure to give them the gift of guidance along with the cash.

First, explain the benefit of keeping money in the bank and teach them how interest works. Next, take them to open a savings account so they feel like they're part of the experience. (If you have an older child, you can probably skip the fanfare of a bank visit and open an account online. But for a younger kid, the former might be pretty cool, especially if there's free candy in the lobby.)

From there, encourage your kids to save at least some of their allowance -- both for big-ticket items they want in the near term, and even bigger-ticket items, like their first car. And if you want to take things a step further, you could open a brokerage account you manage and have them invest a portion of their allowance.

Unfortunately for my kids, I'm not about to change my tune on allowances anytime soon. But when money does come their way, whether as a holiday gift or a payout from the Tooth Fairy (who my kids all know is me, but they insist), I absolutely emphasize the importance of putting it into savings. You may want to do the same so you're reassured that the allowance money you're working hard to earn isn't being lost or spent on nonsense.

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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.