The New Wave of Financial Independence
Today’s kids are more financially savvy than ever, thanks to the rise of online money management tools. Parents are starting to teach their children about financial independence from an early age, helping them understand the value of money and how to manage it. Interestingly, it’s not just parents who are keen on this. A recent study shows that 80% of Canadian teens are highly motivated to achieve financial independence.
One app that's making waves in this area is Mydoh. Mydoh allows parents to assign chores to their kids and reward them with money loaded onto a prepaid Visa card when they complete these tasks. This setup is a win-win: parents can keep an eye on their kids’ spending through the app, while kids get the freedom to decide how they want to use or save their money.
Let’s break it down with an example. Imagine 13-year-old Emma. Her parents use Mydoh to assign her weekly chores like cleaning her room, washing the dishes, and taking out the trash. Each time Emma completes a chore, her parents add money to her Mydoh card. Emma can then use this card to buy things online or in stores, or she can choose to save the money for something bigger she wants in the future. Through this process, Emma learns the value of hard work and the importance of saving.
Since its launch, Mydoh, backed by RBCx, has become quite popular, with nearly 200,000 users across Canada. This shows that many parents and kids are finding it useful. Additionally, kids under 18 can open bank accounts with their parents’ permission, allowing them to earn interest on their savings and further understand how banks work.
For instance, 15-year-old Jack has a bank account where he deposits part of his allowance and any money he earns from odd jobs like mowing lawns. His parents help him keep track of his savings and explain how interest works. Over time, Jack sees his money grow, which encourages him to save more and spend wisely.
These tools and practices are paving the way for a generation of Canadians who are better equipped with financial literacy skills than those before them. By starting early and using resources like Mydoh, parents can help their kids build a strong foundation for financial independence. This proactive approach ensures that as they grow up, they will be capable of managing their finances smartly and responsibly.
Photo by Oleksandr P: https://www.pexels.com/photo/boy-in-gray-long-sleeve-shirt-putting-coins-in-a-piggy-bank-12955547/
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