Apps and accounts are helping kids master money

Kids today are more financially savvy than ever, with help from online money management tools. Parents are trying to teach their offspring the ropes of financial independence from an early age. But it’s not only parents who care — according to a recent study, 80% of Canadian teens are “highly motivated” to gain financial independence. One app focusing specifically on kids is Mydoh, which lets parents assign chores and reward completion by topping up a prepaid Visa card that kids can use online or in stores. It's a win-win: Parents can monitor spending on the app while kids get to decide how to use (or save) their cash. Since its launch, Mydoh, which is backed by RBCx, has gained significant traction, attracting nearly 200,000 users across Canada, according to a spokesperson. Kids under the age of 18 can also open bank accounts, with their parents’ sign-off, and even earn interest on their money. Here’s hoping the next generation of Canadians have better financial literacy training than their predecessors.