Canada's RBC Ventures has developed a money management app and prepaid card that helps kids make their own earning and spending decisions.
Available on iOS and Android, the Mydoh app can be downloaded by parents who then invite their kids to create personalised accounts on the platform.
Users get a digital Visa prepaid card immediately upon sign-up, and then they receive a physical card, which parents can lock and unlock at any time.
The app's interactive tools promise to provide children with hands-on, real-world experience in responsible spending while still allowing for parental guidance and oversight. Parents can assign tasks or chores that their children can complete to earn money.
Although Mydoh is operated by RBC, it is available to customers of other Canadian banks.
“Good money management habits are not innate. Like any life skill, they need to be learned early. Mydoh helps make this experience fun and engaging,” says Gaurav Kapoor, founder, Mydoh.