Teaching children to be charitable can be challenging, but there is now a range of allowance and chore-management apps that allow children to create and fulfill philanthropic goals, according to the Wall Street Journal.
Which App Is Right for Your Client’s Family
Getting children into the habit of giving at a young age will help ingrain it in them, and doing so through an app engages them in a way they are used to, Jacqueline Valouch, head of philanthropy at Deutsche Bank Wealth Management, tells the Wall Street Journal. The apps generally divide the child’s funds into three different sections — spend, save and give, the publication writes.
The app RoosterMoney has no actual funds pass through it, and parents pay once the child has enough virtual funds, the publication writes. Children select a JustGiving charity and the donation amount and submit it to their parents, according to the Wall Street Journal. The basic functions of the app are free, but paid subscriptions are available, the publication writes.
Another platform, Bankaroo, works in a similar way but uses spending goals to indicate the charity of choice, according to the Wall Street Journal. It has a free online and web-mobile version, a paid app and a premium version, the publication writes.
The BusyKid platform assigns monetary values to chores and allows parents to pay a weekly allowance from a linked bank account, the Wall Street Journal writes. The child’s funds are held in an FDIC-insured account and the paid cross-platform app allows users to support 19 different charities, according to the publication.
Finally, Gohenry has an app, an online account and a debit card, and allows users to make a recurring weekly donation of between 10 and 25 cents to Boys & Girls Clubs of America, the publication writes. It is possible to donate to other charities by creating savings goals, moving the funds to the spending account and donating, according to the Wall Street Journal.
