TD Family Allowance for iOS Teaches Kids How to Save Money

TD Bank has a new iOS app out for families with kids, called Family Allowance, which hit the App Store late last month. The universal app for iPhone and iPad is geared towards children to teach them how to save money and encourage savings behaviour.

Educating children on saving money and practicing prudent spending can pay dividends in life, and Family Allowance for iOS looks to gamify the experience for kids, as the more they save, the higher they ‘level up’. Say good-bye to the traditional piggy bank.

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As children save up their money, the app tracks how much is saved each month and provides graphs to illustrate growth, while a ‘My Chores’ section shows what your kids can earn by helping around the house.

The app allows your child to set a savings goal for a particular item, and provides a graph on how much is needed to reach goals.

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Family Allowance is an app from TD Lab, an ‘innovation team’ from TD Bank, which launches experimental apps and asks customers for feedback, to help guide their future releases and solutions.

Earlier today, TD Bank announced MySpend for iOS is coming soon, to provide bank customers with real-time spending notifications and budget tracking.

Click here to download TD Family Allowance for iOS in the App Store. Anyone can use the app, as a TD account is not required. The app encourages a family account, which allows multiple devices to access the account.