New app can teach your child how to save money - Western Mass News - WGGB/WSHM

New app can teach your child how to save money

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Western Mass News told you about an app that teaches your children how to save money. 

But what about persuading them to earn that money and save it? 

"These days I don't think the parents even have that education they need to roll that lesson forward to their children," said Vice President and Regional Manager for People's Bank, Donna Wiley.

Donna Wiley has been with People's Bank for more than 35 years. 

Now, serving as vice president and regional manager, she teaches financial literacy as often as possible. 

She said a lack of financial education has only increased over the years.

"There's less emphasis both in the schools and in the homes on teaching those early financial lessons," Wiley noted. 

There's a big downside when those lessons aren't taught early.

An app called iAllowance allows parents to set up virtual piggy banks for their kids.

"I think that's wonderful the kids can see the reality of this is the amount that I have. I think it's a very visual and I think that's how people learn today," Wiley continued. 

With the app, parents can push alerts to children to get chores done and set up automatic allowance payouts or rewards when kids meet certain goals.

"My oldest is six and just learning about money and wants to spend just as much as he gets. I think an app that would help us in our home to teach him how to save and work towards a bigger goal would be really helpful," said Vice President of Customer Technologies, Karen Buell.  

The parent-child aspect of the app allows your family to learn how to earn together.

"Working together on it encourages the child, they're learning a lot, and the parents get a lot of reward out of it as well," Buell noted. 

Experts say you should start bringing up conversations about money as soon as possible. 

"It's amazing what age these kids already have phones at," Buell concluded.

I-Allowance is only available for iPhone users and will cost you around $4. 

 For more money saving information, visit any People's Bank location.

Copyright 2017 Western Mass News (Meredith Corporation). All rights reserved. 

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