Here's another website for parents who want to teach their kids the value of money in a 2.0 kind of way. Active Allowance is a virtual bank account which, when accessed through the website, hooks up to a real bank account. The whole point of the site is for parents to wire the allowance to their child based on a reward system.
The child can log on to the site not only to check their balance, but to earn money by doing chores, receiving good marks, reading, or whatever else the parents might want to offer incentive for.
When the child completes a task on the list, such as doing the dishes or feeding the dog, they check it off on the sheet. Of course, kids aren't always honest, so a message is sent to mom or dad to have it verified. Once they confirm the task has been successfully completed, the money is transfered directly to the account!
Active Allowance suggests the service appropriate for kids between six and 15 years old. The basic and anonymous services are free to join unless parents want to upgrade to the full version which only costs $19.95 for the whole year.
The site also supplies free chore charts which include tasks like:
Make Bed/Brush Teeth
Ready for School by 7:45 - No Nagging Needed
15 Minutes Typing Practice
Do a Good Deed
Take out Recycling
Swiffer Kitchen Floor
Man, if only earning money as an adult were still as easy as reading for half an hour or showering without complaining!
Here's another site we covered a long time ago that does the same thing:
What's Driving This Trend
- Virtual Chore Rewards
- Active Allowance offers a virtual bank account with a reward system to teach kids the value of money.
- Incentivized Task Completion
- Active Allowance incentivizes kids to complete tasks by offering monetary rewards.
- Parental Monitoring in Chores
- Active Allowance includes a verification system for parents to confirm completed tasks and transfer money.
Who This Affects Most
- Fintech
- Active Allowance's virtual bank account has disruptive innovation potential in the financial technology industry.
- Educational Technology
- Active Allowance combines financial education with technology to create a new opportunity in the edtech industry.
- Parenting and Family Services
- Active Allowance's platform provides a new tool for parents to teach valuable life skills to their children.
