Tykoon aims to teach kids a different way of thinking about and using money. The company is launching its first mobile app for iPhone, which will feature a “platform for earning, saving, giving and spending, the latter which includes kid-friendly access to a curated and controlled Amazon store.” The company’s goal is to give kid’s a real platform in which to learn how to properly and responsibly handle finances.
Kids will be able to earn cash and rewards by performing tasks, chores or hitting certain goals from their parents. Parents will also be learning, as they will have to set up the services, provide reward amounts for each task and then make good on the payment upon completion. The difference between this app and other allowance-tracking programs, is there is a “kid friendly” Amazon store that parents can customize and enable and disable categories, there is also an option for kids to donate some of their earnings to the World Wildlife Foundation or Habitat for Humanity. Kids can then learn to either save their money, donate it or spend it in the store. There is even a social aspect that allows kids to snap smartphone photos of items they want and add it to their wishlist.
This app is geared towards 8 to 12 year olds, but there is a plan to add a bank-issued, preloaded debit cards in 2013, which will then expand the platform to teenagers.
To learn more about this app, go to: http://www.tykoon.com/
Will you and your kids be trying this free service out?