Financial literacy – it’s a topic that gets plenty of discussion in business circles, largely because this is a skill set that is seldom passed along from one generation to another. In fact, for many, the notion of sharing family financial information with children is simply out of the question. As a result, those same kids receive little or no guidance on even the basics of financial management.
The problem is so acute, there is an entire month devoted to improving the situation while groups like the Chamber of Commerce argue to get financial literacy included in school programs.
So a new effort from RBC Royal Bank is designed to fill some of the gap. And they are even offering it to the other banks.
Its call MyDoh and is an app for phones designed to help children and teens learn how money management works. It even includes a prepaid Visa card. Parents can supervise as well but it is designed to explain concepts ranging from earning money and saving to spending, providing a foundation for the processes and flows of money management.
