RBC had an idea that was audacious to say the least three years ago. Offer prepaid cards accessible from the age of six, to instill good financial habits. But there is a fine line between educating young people about finance and building their loyalty from a young age.
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A clarification is necessary: this is a prepaid card. Children can only spend the money available on their card. They pay no interest and cannot go into debt.
Mydoh app is a financial management mobile app for kids and teens. Parents put money into their child’s account and their child can spend it using their card.
Since its launch in 2021, RBC says Mydoh has helped more than 100,000 Canadians facilitate conversations about financial habits, through real-world experiences.
In fact, even though the idea of giving a card resembling a credit card to young people may be shocking at first glance, many parents seem to agree with the idea.
“Financial literacy is important, at all ages,” says Michèle, interviewed online.
“When we know that an eight or nine year old child has a cell phone these days, why not?” adds Julie, mother of three young children.
In an interview given to NewsOption consommateurs’ budget advisor, Alyssia Marchetta, says that Mydoh represents a great opportunity to be exposed to “real life”, at a time when online transactions are commonplace. “An app like this can help with learning. But I don’t think it’s enough to ensure the financial education of children,” she adds. “Conversations about money, saving and budgeting are essential.”
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