HOBOKEN, N.J.–It isn’t just college where younger generations aren’t getting as good a deal as the generations that preceded them–today’s kids are also getting less value out of the Tooth Fairy.
The tradition of the Tooth Fairy, which has been around in the U.S. since the early 1900s, typically involves money left under a child’s pillow when a tooth is lost. That tradition led LendEDU to conduct a survey to find out what today’s kids are being paid for each tooth, and how that compares to earlier generations.
LendEDU reported it surveyed 1,238 Americans to answer these questions and understand how the average Tooth Fairy monetary present has evolved from the Baby Boomers to Generation Z. The survey included 400 Baby Boomers, 438 Generation Xers, and 400 Millennials.
When applicable, respondents were also asked how much money they give per tooth to their children over the last five years.
The survey found that respondents who were part of the Baby Boomer generation (ages 54 and up) received $0.69 per lost tooth from the Tooth Fairy compared to generation Xers (39-53), who received $1.39 per tooth.
That age group was succeeded by Millennials (24-38), who received an average of $2.13 per tooth from the Tooth Fairy, LendEDU reported. Finally, Generation Zers (six and up), who are the most recent generation to be losing teeth, have been getting a “generous $3.25 for each lost tooth,” the survey found.
“Starting in the early 1950s and ending in 2018, it comes as no surprise that the average monetary gift distributed by the Tooth Fairy per lost tooth has risen with time,” LendEDU said. “Everyone has heard a story or two from their grandparents about when a chocolate bar and a comic book was five cents. That being said, LendEDU still wanted to put our survey numbers up against the U.S. Bureau of Labor Statistics' inflation calculator to see how the rising price of a Tooth Fairy gift has coincided with inflation.”
What that calculator revealed, said LendEDU, is that older generations, such as Baby Boomers and Generation Xers, were receiving a lot more money than younger generations such as Millennials and Generation Zers, when the average Tooth Fairy gift is adjusted for inflation.
“When inflation is accounted for, the average amount of money received per lost tooth for Millennials ($3.72) was closest to what generation Zers have been receiving ($3.25),” said LendEDU. “The average Tooth Fairy gift for Baby Boomers of $0.69 would be $5.77 today, while generation Xers' gift of $1.39 would be $5.54 today.”
The full survey can be found here.