You are currently viewing Teach your kids the value of money with these fun fintech apps – CPA Canada

Teach your kids the value of money with these fun fintech apps – CPA Canada

Please choose between the following three options for navigation.
8.31.2021 | Sophie Nicholls Jones
These five apps can help to streamline the weekly chore chart by tracking tasks and transferring allowance payments
A woman holds a bowl while looking at a tablet with two childrenFintech apps can help busy families assign chores and allocate allowances in a fair and educational way (Getty Images/10’000 Hours)
With kids turning to financial technology apps (fintech) to learn about money and adults gradually moving away from cash, how some parents give allowances and assign chores has pivoted.
Stepping onto the scene are a wide range of family-friendly apps that offer digital bank accounts, digital wallets and smart cards, as well as allowance allocation and chore scheduling features, with many connecting to your bank account.
If you’re looking to move weekly chores and allowance payments online, here are five apps to get you started.
WALO Plug connects with any major Canadian bank or credit union account, allowing parents to automate allowances and schedule chores. Kids, on the other hand, can set savings goals and earn rewards by completing courses and quizzes to boost their financial literacy. 
Cost: An annual subscription of $4.99 per month or monthly fee of $6.99 applies. Up to four children can be added to an account. Available on the Apple’s App Store and Google Play.
This mobile app and smart card platform, issued by Royal Bank of Canada (RBC) and powered by Visa, allows kids as young as eight to earn money, make real-world purchases and learn money management basics.
Funds can be electronically transferred from a Mydoh wallet to a smart card. Smart cards are electronic cards, like debit or credit cards, which can be loaded with funds, via an electronic transfer and used to make online and in-person purchases wherever electronic payments are accepted. Mydoh smart cards can also connect to Apple Pay.
Parents can track their children’s spending and account balance, set purchase limits, and lock or unlock the smart cards at any time. The app also includes chore assigning and tracking, allowances setting with instant money transfers to kids’ accounts. Kids can view their tasks and potential earnings.
Cost: A fee of $4.99 per month ($2.99 if you’re an RBC client) applies and up to five children can be added to the account. Available on Apple’s App Store and Google Play.
This popular app introduces kids—up to 17 years old—to money basics in graduated steps. 
Features include star reward charts for younger savers; as well as the ability to create save and give “pots”, teaching those older to allocate earnings and achieve goals. Parents manage chores, set reminders and extra earners, and use a virtual money tracker to monitor allowances, spending and saving. Interest rates can be set to encourage saving. 
Cost: The virtual tracker is free, but with limited capabilities. For $25.99/year, Rooster Plus includes deposits, interest and outgoing expenditure features.   
The iAllowance app (Piggy Bank 2.0!), suitable for ages four and up, allows parents to track chores, create reminder alerts and automate allowances, like its competitors. 
Kids can earn rewards (stars) towards goals that can be cashed in once reached. Stars are transferred into real money using the app’s built-in conversion rate, which supports more than 150 currencies. Bonus: You can mix and match currencies. 
Parental controls allow you to have full control, restricting kids’ accounts to a view-only setting, if desired. 
Cost: A one-time fee of $3.99. The app syncs with iCloud or Dropbox accounts to back up data, and you can print or email chore charts or bank transaction reports. Available on Apple’s App Store.
Suitable for ages four and up, Chore Check offers allowance and chore management for the entire family.
Parents assign, schedule and value chores and can set reminders. Children’s progress is tracked, indicating the percentage of chores completed. Chores are also “stealable”. Whoever completes it first, gets the credit. Completed chores are approved (or sent back for redo) by the parent, with allowances then transferred to the accounts.
Cost: Chore Check is a free for its basic features. For US$9 per month, the Chore Check Pay Family Membership includes a securely linked parent bank account and access to three reloadable pre-paid Chore Check Prepaid Mastercard smartcards. Available on Apple’s App Store.
CPA Canada offers an abundance of financial literacy resources and virtual school workshops for elementary and high school students covering essential topics including the ins and outs of earning an income, credit and debit cards, and setting savings goals.
11.30.2021 | Denise Deveau
Considering this relatively new type of investment? Here are some facts to keep in mind
11.29.2021 | Lynn Greiner
Taking advantage of senior discounts isn’t the only way to have more funds once you’ve retired
11.12.2021 | Sophie Nicholls Jones
Looking to make a year-end donation? Assess where and how you give so every one of your hard-earned dollars has an impact.
Sophie Nicholls Jones
Sophie Nicholls Jones is a Toronto-based digital producer for CPA Canada. With more than a decade of journalism experience, Sophie is a seasoned reporter, writer and editor, with a focus on the business and financial sectors.
© 2021 CPA Canada


Laisser un commentaire