The Tooth Fairy is holding her purse strings a bit tighter.

She left 8% less this year – or an average of $3.40 for every lost tooth she finds under a pillow – down from $3.70 in 2013, according to a survey from Visa out Thursday. Still, she’s leaving more than she did in 2012 before tooth inflation rose 23% from 2012 to 2013.

“She’s had her wings clipped a little bit,” says Jason Alderman, Visa’s vice president of global financial education. “Even though it is down, this is the first real decline we’ve seen even during the recession because Tooth Fairy inflation has far exceeded the rate of traditional inflation.”

What the tooth fairy does or doesn’t leave may be a signal not only of our economic state of mind, but also our cultural attitudes. Visa began tracking the Tooth Fairy’s going rate in 2009 as a way to help parents regulate how much they’re giving for teeth and to help teach kids about money management. But the Tooth Fairy’s generosity may also be loosely tied to consumer confidence – as the “Tooth Fairy” feels more exuberant with her spending, kids are more likely to reap the benefits.

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