From coins in a jar to instant transfers and prepaid debit cards. How digital tools are reshaping how kids learn about money.
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Introduction
Not long ago, a child’s allowance came as coins or bills handed over at the end of the week. Today, it might arrive instantly through a bank transfer, a prepaid debit card or even a mobile app notification.
This digital shift isn’t just about convenience, but an opportunity to make financial literacy more relevant to how kids and teens actually interact with money. The challenge is making sure these tools teach responsibility, not just provide easy access to spending.
The evolution of the allowance
Then:
- Cash in an envelope or piggy bank
- Tangible, visual savings
- Spending limited to physical stores
Now:
- Instant transfers or similar payment systems
- Prepaid cards and youth accounts
- Spending online and offline
- Real-time tracking through apps