It’s a great time to be a kid with a loose tooth, because the answer is $3.70, according to a recent survey by Visa.
This number varies based on where you live and how much you make, so Visa has developed a free app titled the Tooth Fairy Calculator which is also available on Facebook. You enter where you live and your approximate income and it determine the average amount paid by the tooth fairy.
A few facts regarding the tooth fairy:
- On average men give $1 more than women
- Kids in the northeast receive the most at $4.10 per tooth
- Most surprising, the tooth fairy left more than $20 for 6% of the respondents
The combination of an improving economy and parents reluctance to say no to their children are driving these results.
The topic of the tooth fairy is an excellent opportunity to start talking to your children about money management. You can ask them how much of it they plan to spend and encourage them to save a portion. Maybe set up a pretend bank account online that pays interest to show them the benefit of savings vs. spending the money.
A good site for this is ThreeJarrs.com. where kids learn to manage money through saving, spending and charitable giving with the guidance of Mom and Dad. Taking the time to teach the kids these life lessons will last longer than those baby teeth.
Contact Financial Symmetry if you still have questions regarding your family’s saving and investing strategy.
Photo source: Flickr – wakefielddavid