The legend of the Tooth Fairy is popular in many parts of the world. When a child loses a tooth, this magical creature exchanges it for a small amount of money, turning what could be a disturbing experience for the child into an exciting event. However, that "small amount of money" is quickly developing into a significant chunk of change. Whereas Australian kids in 1995 received an average of only $2 for a lost tooth, kids today can expect their incisors and molars to bring in a lot more.
How Much Does the Tooth Fairy Pay?
In 2015, the average amount kids received was a whopping $6 per tooth. That's almost double the going rate in 2005, which was just $3. It's possible that since 2015, the amount the Tooth Fairy pays for teeth has increased even further. The rate of increase far outstrips that of inflation. Projecting the 1995 rate of $2 forward to 2015 would result in a payment of $3.26 per tooth, which is only a little over half of what modern kids actually get.
What Does the Higher Tooth Fairy Rate Mean for Parents?
In the real world, money doesn't grow on trees, and neither does it come from magical fairies. Instead, parents are choosing to give more money to their kids, using the story of the Tooth Fairy to explain the gift. According to some economic experts, parents give so much more than they used to because they consider their kids to be one of their top spending priorities.
How Much Should You Give For a Lost Tooth?
If you're wondering how much to give your child as a gift from the Tooth Fairy, consider this sobering statistic: the average child loses 20 baby teeth, which means that you'll be paying out a total of $120 if you choose to pay the 2015 going rate of $6. Before you splash out on the first tooth, consider how Tooth Fairy payments will fit into your family budget, as tightening the purse strings later may leave your kids disappointed.
What to Do When Your Kid Loses a Tooth
Giving a child money is one way to make them feel better about losing their baby teeth, but it's not the only way to turn this rite of passage into a positive experience. Simply praising the child for being so grown up can make them feel proud. On a serious note, don't hesitate to take the child to a dentist if a new tooth doesn't appear in the gap left by a baby tooth within six months.