Latest news with #allowance
CBC
21-07-2025
- Politics
- CBC
Hogan says new cash benefit for departing ministers axed, in wake of CBC report
Premier John Hogan says his cabinet has met and decided to "immediately rescind" a new policy that provided outgoing ministers between $12,000 and $48,000 on their way out the door. In a post on Facebook late Friday afternoon, Hogan reiterated that he was not in cabinet and was not involved in the decision to approve the policy. The new benefit — which came into effect April 1 — was never publicly disclosed, until it was revealed by CBC News on Friday morning. "I became aware of the matter following inquiries from the media and acted quickly to revoke the allowance," Hogan noted in his Facebook post. The stunning reversal came 10 hours after CBC News broke the story about the new transitional allowance policy for ministers. It provided one month's salary for each year of service in cabinet, on a prorated basis, for a minimum of three months and a maximum of 12 months. The province's Executive Council declined to say when the decision was made, noting that it was a decision of cabinet and those deliberations are protected. On Thursday evening, a spokesperson for Hogan told CBC News that the premier was not in cabinet when the decision was made, and he was not involved in the decision. That statement sparked barbs from both opposition parties Friday. "I think that's a cop-out," Progressive Conservative Leader Tony Wakeham said in an interview early Friday afternoon. Wakeham called the allowance "another Liberal scandal," and said Hogan, as premier, would be well aware of a decision made by cabinet. "At a time in Newfoundland and Labrador when so many people are hurting with the cost of living, to see taxpayers dollars being secretly paid out to Liberal cabinet ministers and approved by their own ministers, this is scandalous," Wakeham said. NDP Leader Jim Dinn said the decision left him "shaking my head [in] disbelief," and recalling what he's heard while hosting town halls about affordability. "It shows a lack of sensitivity to the struggles that many people face in the province," Dinn said. "If you can make decisions like this, surely there are other things you can do just as easily to help people of the province who are struggling with cost of living." Both leaders spoke to CBC News before Hogan's Facebook post announcing the reversal of the benefit. Since April 1, when the now-rescinded policy came into effect, eight cabinet ministers have either already left or signalled their intentions to not run again when voters go to the polls in a looming provincial election. Hogan's statement on Facebook did not address whether the decision is retroactive, and how it would apply to any money already paid out.
BBC News
21-07-2025
- Business
- BBC News
Scarborough Town Council quizzed on mayor's 600% allowance increase
Scarborough Town Council has been asked to justify its decision to increase the town mayor's allowance by 600%, despite committing to cautious Thomas Murray, of Reform UK, will be given a £3,500 allowance, after the authority's annual budget was approved last a full meeting of the Reform-run council, Independent opposition councillor Rich Maw expressed "serious concerns" over the members of the council defended the hike, saying the mayor "should not be left out of pocket" for the unpaid role. They added there had been an increase in mayoral duties and savings had already been made in other to the Local Democracy Reporting Service, a group of charter trustees - councillors who represented the town's unparished areas on North Yorkshire Council - were previously responsible for maintaining civic said: "Under the former charter trustees, the mayor received £500 and the deputy mayor £100, which was considered sufficient for both their civic duties."I just respectfully ask the following: What is the justification for increasing the allowance to £3,500, please?" Murray said the figure was based on how many engagements he might attend in a given year and how much each event had cost added: "The allowance is set at £3,500 because I'm aware that this is public money."However, the estimate that I came up with is a lot more than that."So, it would cost me to be the mayor, and as this is an unpaid role, this money is solely for me to exercise my duties efficiently."Murray previously told the LDRS the council would be cautious about how it spent money, making sure it was used "meaningfully and not wasted".According to fellow Reform councillor Stuart Murray, the authority had already saved £5,000 in money that was allocated in relation to the mayor's chains and civic UK leader Nigel Farage was challenged over the spending decisions in Scarborough on the BBC's Sunday with Laura Kuenssberg programme, and said he had "no idea" about the said: "Is he doing it or she doing it as a full-time job? I've no idea.""What we could do is just get multi-millionaires to stand as candidates everywhere and indeed our Doge team are doing the work unpaid," he said."If people have got resources and they do it for free, that's great. I don't know the Scarborough Council situation." Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
Yahoo
18-07-2025
- Politics
- Yahoo
Hogan says new cash benefit for departing ministers axed, in wake of CBC report
Premier John Hogan says his cabinet has met and decided to "immediately rescind" a new policy that provided outgoing ministers between $12,000 and $48,000 on their way out the door. In a post on Facebook late Friday afternoon, Hogan reiterated that he was not in cabinet and was not involved in the decision to approve the policy. The new benefit — which came into effect April 1 — was never publicly disclosed, until it was revealed by CBC News on Friday morning. "I became aware of the matter following inquiries from the media and acted quickly to revoke the allowance," Hogan noted in his Facebook post. The stunning reversal came 10 hours after CBC News broke the story about the new transitional allowance policy for ministers. It provided one month's salary for each year of service in cabinet, on a prorated basis, for a minimum of three months and a maximum of 12 months. The province's Executive Council declined to say when the decision was made, noting that it was a decision of cabinet and those deliberations are protected. On Thursday evening, a spokesperson for Hogan told CBC News that the premier was not in cabinet when the decision was made, and he was not involved in the decision. That statement sparked barbs from both opposition parties Friday. "I think that's a cop-out," Progressive Conservative Leader Tony Wakeham said in an interview early Friday afternoon. Wakeham called the allowance "another Liberal scandal," and said Hogan, as premier, would be well aware of a decision made by cabinet. "At a time in Newfoundland and Labrador when so many people are hurting with the cost of living, to see taxpayers dollars being secretly paid out to Liberal cabinet ministers and approved by their own ministers, this is scandalous," Wakeham said. NDP Leader Jim Dinn said the decision left him "shaking my head [in] disbelief," and recalling what he's heard while hosting town halls about affordability. "It shows a lack of sensitivity to the struggles that many people face in the province," Dinn said. "If you can make decisions like this, surely there are other things you can do just as easily to help people of the province who are struggling with cost of living." Both leaders spoke to CBC News before Hogan's Facebook post announcing the reversal of the benefit. Since April 1, when the now-rescinded policy came into effect, eight cabinet ministers have either already left or signalled their intentions to not run again when voters go to the polls in a looming provincial election. Hogan's statement on Facebook did not address whether the decision is retroactive, and how it would apply to any money already paid out. Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here. Click here to visit our landing page.
Yahoo
02-07-2025
- Business
- Yahoo
New Wells Fargo Study Shows Parents Give Their Kids an Average Weekly Allowance of $37
Survey finds 71% of parents with children ages 5 – 17 give allowances; many face difficulties teaching them about money SAN FRANCISCO, July 02, 2025--(BUSINESS WIRE)--Wells Fargo today released a new study illustrating how much allowance parents are providing their children and the difficulties parents have in teaching their children about money. The survey found that 71% of parents with children ages 5 – 17 give an average weekly allowance of $37, yet 51% of parents struggle to talk about money in a way their kids will understand. In addition, most parents (85%) believe that giving their kids an allowance helps them learn about spending, but many (65%) feel it is difficult to step back and let their kids make their own money mistakes. Louann Millar, leader of youth and student banking at Wells Fargo, believes an allowance provides a weekly opportunity for parents to talk to their children about money. "An allowance is a vehicle that enables children to learn about money with guardrails. The weekly activity of giving the allowance presents an opportunity for parents to discuss needs versus wants with their children. It's an opportunity to discuss your own money habits and prioritization." Digital opportunity In today's world, teaching kids about money means using digital tools. Most parents (70%) believe that teaching kids about money today means focusing on digital tools, rather than cash. The study found that while 73% of parents who provide a weekly allowance use cash, P2P (peer-to-peer) payment methods, such as Zelle® or Apple Pay®, are also popular. In fact, 24% of parents giving an allowance now use P2P payments, while 20% of parents give an allowance through direct deposit to a bank account, and 14% distribute an allowance through a pre-paid debit card. "The most surprising result of this study is how much cash is being used, even as parents understand their children prefer digital payment options," Millar said. "Children today have different financial experiences than their parents did. We have an opportunity, and a responsibility, to provide support, guidance, and tools to help parents set their kids up for success with money." Talk to your kids about money Most parents (85%) feel they should have more conversations with their kids about good money habits, but almost a third of parents (32%) feel uncomfortable talking with their kids about money. "The value of an allowance is not only dollars and cents — it's also the conversation and teaching opportunities parents have with their children," said Millar. "Whether you're giving your child $5 or $35 a week, the payment opens the door to a financial conversation. You can explain what a dollar can buy, and how budgeting for tomorrow begins today, while giving your children the ability to manage their own money with online and mobile banking tools." About the survey The findings are from a Wells Fargo survey, with data collection provided by Ipsos, conducted between April 28 – May 8, 2025. A sample of 1,587 U.S. parents — aged 18 and older with at least one child between 5 and 17 years of age in the household — were surveyed online in English, as part of Ipsos Omnibus shared survey program. The results of this research have a credibility interval of plus or minus 3.0 percentage points for all respondents. Respondents were asked questions about their child in one of the following age groups: 5 to 8 years of age, 9 to 11 years of age, 12 to 14 years of age, or 15 to 17 years of age. If they had more than one child, they were randomly asked about only one of the age groups. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at LinkedIn: Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iCloud Keychain, iPad, iPad Pro, iPhone, iTunes, Mac, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Wallet is a trademark of Apple Inc. App Store is a service mark of Apple Inc. Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Member FDIC News Release Category: WF-ERS View source version on Contacts Media Jackie Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-06-2025
- Business
- Yahoo
What's the going rate for kids' allowances in 2025?
Inflation may be on most Americans' minds while they're at the grocery store and gas pump, but not when they're doling out their kid's allowance. While 29% of parents have increased their kids' allowances over the last year to keep up with inflation, 65% have not, and 6% have decreased the amount they give their children, according to a new Wells Fargo survey. 'Whether or not the allowance has changed, the stark reality is that what kids are spending their money on has definitely increased,' said Louann Millar, head of student banking at Wells Fargo. 'That Starbucks that used to cost $3 is now $5.' The survey found that 71% of American parents give their children an allowance, but the amount and way they transfer funds largely depend on their children's age. Here's what to know: The average weekly allowance for children ages 5 to 17 is $37.19 in 2025, according to the survey. However, that number is affected by some parents who give high allowances. The median weekly allowance is $20. Allowances generally rise as kids age. For those ages 5 to 8, the average is $31.50, and the median is $15. Those ages 9 to 11 get a little more, receiving a weekly average of $34.32 and a median of $20. For those 12 to 14, the average is $36.05, and the median is $20. The oldest kids, or those ages 15 to 17, receive the most – a weekly average of $44.88 and a median of $25. More: Groceries, phone bills, rent? Where parents still help adult kids financially Of parents who give their children allowances, a third regularly give and a quarter occasionally give their kids ages 5 to 8 one. Millar said allowances are a good way for parents to teach their children about positive money habits, such as budgeting and saving up for a big purchase. She said starting young isn't a bad idea. 'Parents know and think it's a good idea to talk to children about money early on,' Millar said. 'Almost all of them think it's important to let kids make those small choices early on, because there are guardrails for them.' The most common age for kids to receive an allowance is between the ages of 9 and 11. Half of parents regularly give, and 29% occasionally give children an allowance during that time. Allowances are also common as children become teenagers. More than 70% of parents said they regularly or occasionally give their kids allowances when they are between the ages of 12 and 17. Cash remains king when it comes to allowance, but digital payments are increasingly common. At 73%, many parents give cash for allowance – and half give it exclusively, the survey found. However, nearly a quarter of parents are also using peer-to-peer payment apps like Venmo to send allowance to their children, and 20% are using direct deposit to their kids' bank accounts. Some 14% use prepaid debit cards for the transaction. Older kids are less likely to get cash than younger kids, but even 18% of children ages 5 to 8 are receiving allowance via direct deposit. Millar said she's seen parents open debit cards for children that young. It's a sign of the times. 'I don't use cash at all,' Millar said. 'If anybody gives my kids cash, they will immediately turn around, give it to me and say, 'Can you send this to me electronically to my bank account?'' The pivot to digital payment is even affecting the tooth fairy. While she still most often leaves cash, in 2025, she'll use peer-to-peer payment methods 11% of the time. The survey found that some 7% of tooth fairy payments come in the form of gift cards. 'Maybe when you forget to get cash to leave in the tooth fairy pillow, the digital options are a really nice way to be able to make sure your kiddo wakes up with something,' Millar said. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_ This article originally appeared on USA TODAY: From piggy banks to Venmo: How kids are getting their allowance now
