As mobile devices slowly take over children’s toys, allowance app PennyOwl is on a mission to help parents raise money smart kids. The app officially launches today in the US for iOS and Android and is free to download.
The aim of PennyOwl is to get children started on managing their finances the right way.
There are many pocket-money apps out there already, such as iAllowance, but PennyOwl differentiates itself by letting kids learn with real-money and its newsfeed feature.
The content shown on the newsfeed is chosen to teach kids about finances in an age-appropriate way, using examples that would appeal to them.
When you download the app, you can set up accounts for each of your children, adjust the filters to suit their individual ages and organize a regular allowance transfer.
You can choose to set out how much money your child can spend and how much should be put into savings as well.
PennyOwl gives children a level of autonomy as well by providing them with a store within the app where they can buy games, books, and toys that are all age-appropriate.
Your child choose to shop in PennyOwl’s store and you will be notified of any purchases. If your child doesn’t have enough money for something they fancy, the app will guide them through how to save up for it.
Other features of the app include the ability for your child to request cash from you in-lieu of what they’ve already saved and a Wishlist that lets parents see and share items that their child might like for birthdays or holidays.
An option to donate money to charities is being added following user feedback from early testing.
It is only available in the US at the moment but will be rolling out internationally later this year.
PennyOwl came through the Commerce.Innovated startup Accelerator after it caught the attention of Silicon Valley Bank and Mastercard. The company behind the app is currently working on a suite of tools for children to learn about finances.