Nedbank has launched a new online app, called MyMoneyMap, that is being billed as an “allowance management tool” for parents and their kids.
The app, which appears to be confined to an internet web page for the moment, is designed to let kids set goals for their money in terms of savings, lets them track where money is spent and it allows parents to set up chores-based goals for children to fulfill in order to earn more cash.
Nedbank’s Managing Executive of Client Engagement Anton de Wet said in a statement “Keeping track of how much parents give to their children as an allowance requires serious planning, monitoring and more importantly, accountability. Simply put, MyMoneyMap is a virtual allowance/pocket money management tool enabling parents to track the allowance given to their kids, and the kids to track their funds.”
“The beauty of MyMoneyMap is that parents can register and create personal profiles for their kids. It does not end there; parents have the power to give their kids partial or full access to the tool and can stay in touch with their kids’ activities through this virtual portal. This tool will be very helpful to parents who are devoted to introducing their kids to the culture of financial fitness from an early age.”