New Mydoh money-management app and smart card boost children's financial literacy

Financial institutions are often eager to lure postsecondary students into their networks because that improves the chance of keeping their business throughout their lifetimes.

But today, the Royal Bank of Canada has gone one step further. Its subsidiary, RBC Ventures, has unveiled Mydoh, a money-management app and smart card designed to help kids learn how to look after their finances.

The smart card includes a digital and physical Visa prepaid card.

“Good money management habits are not innate. Like any life skill, they need to be learned early," Mydoh founder Gaurav Kapoor said in an RBC news release. "Mydoh helps make this experience fun and engaging."

He added that his insporation came from his own childhood, when he started saving money that he had eared through his allowance.

“I started putting away a majority of that money, which helped me develop responsible habits," Kapoor said. "When I started earning my own money, the saving instinct was already hardwired in my mind.”

The app offers parents a way to oversee how their kids are managing funds and even lock up the accounts if they feel this is appropriate. There is no credit card number on the physical Visa prepaid card, just the user's name and the expiry date.

Mydoh is available on iOS and Android devices across the Canada and is available to customers of RBC as well as other financial institutions.