A Toronto-based company is using an app to teach kids how to earn and manage money, while easing the burden on moms who typically manage household chores.
Mydoh is a digital app paired with a Smart Cash Card that helps children learn and practice money management, while providing parents with transparency and oversight. The app helps families in Canada teach their children how to be financially smart.
“We really hope to instill in children a sense of confidence around the fundamentals of money, and it’s a way for families to have more meaningful conversations around money,” says Megha Sharma, co-founder and Chief Technology Officer at Mydoh.
Here’s how it works
Parents assign chores to their children, such as cleaning their room or helping with laundry. The app will then send a notification to the kids, warning them to do the chore. Tasks can also be scheduled weekly so that it becomes more of a routine.
After the task is completed, the parent can send the child a payment of any amount they deem fair. The money is deposited into the child’s account on a Saturday to teach children about the idea of payday, Sharma said.
The money is then loaded onto a prepaid, reloadable Visa card via the app and the kids can spend it as they please. Parents can supervise all activities to ensure safety and track the child’s income and expenses.
Alleviate the pressures
The Mydoh app helps ease the pressure many mothers have been under during the pandemic.
According to a 2021 study by the Canadian Women’s Foundation, 46% of mothers said they reached their breaking point due to the daily stress of making decisions about how to care for their children and families.
The study also found that 28% of mothers said they struggled to meet the demands of work.
“So many women, especially working mothers, have had to take on a lot more household responsibilities and have chosen to move into part-time work or even withdraw from the workforce altogether. Women are trying to have this fulfilling career, but they are still expected to manage the household,” Sharma said.
Mydoh is able to help ease some of the domestic pressures that many mothers face and help them teach their children about household chores as well as educate them about money management. The app also opens negotiations conversations, allowing kids to negotiate payment with their parents if they think the chore is worth more than what was offered.
“These are skills that you enter into the workforce as you get older. And so it’s really about instilling that belief and building confidence around money management.
find the balance
It can be extremely difficult for women in leadership positions At work. In realitywomen are 30% less likely than men to be promoted from entry-level positions and 60% less likely to move from middle management to leadership positions.
“I’ve spoken to a lot of my mentors, and a lot of times when I ask them about their professional background, there’s always a point where they say, ‘And then I had kids and I had to take step back and take care of them,” added Sharma.
She noted that, especially in STEM fields, where a lot of time has to be spent on technical training to keep up with the changing industry, finding a balance between family life and work life can be difficult and daunting for many women.
Designing the right resources and tools so that working mothers in particular can manage their lives in a way that actually works for them is vital.
“For working mothers, in particular, this means devising ways to make the household more equitable so that the mother’s career doesn’t always have to take a back seat,” she said.