February 24, 2024
5 mins

Kids Money Management & Financial Literacy: Mydoh App 2024

RBC Mydoh app for kids hero image of a young person thinking about money
Summary.This article introduces the Mydoh app and Smart Cash Card, designed by RBC to teach Canadian youth financial literacy. It outlines Mydoh's features, benefits, and how it fosters financial independence and responsibility...

Digital literacy is as crucial as reading and writing, and financial literacy for the younger generation has become a pivotal aspect of their education. The Mydoh app, developed by the Royal Bank of Canada (RBC), is a pioneering tool designed to weave financial literacy into the fabric of daily life for Canadian youth. This platform is not just a money management app; it's a doorway to economic independence for kids aged 6 to 18.


The Mydoh Smart Cash Card and app

A handle holding a smartphone with the Mydoh app open on the screen

Mydoh offers a blend of practicality and education, featuring a smart cash card and an engaging app. Here's how it empowers both parents and children.

For parentsFor children
Add and monitor weekly tasksA hands-on approach to managing tasks, earnings, and expenditures
Instantly reward task completion with pay or a separate allowanceReal-time balance updates
Oversee transactions for a sneak peek into your child's spending habitsThe Mydoh Smart Cash Card: a physical and digital card for in-store and online purchases

How Mydoh promotes financial literacy

The cornerstone of Mydoh's approach is its simplicity and engagement. It demystifies financial concepts through:

  • Play Mydoh: An educational feature with fun facts and trivia about money.
  • Mydoh’s Gallery: A collection of resources for deeper financial learning.

Mydoh currently offers a 30-day free trial. After 30 days, the cost is $2.99/month for up to 5 children, with no additional fees.

Setting up your Mydoh journey

Starting with Mydoh is straightforward:

  • Download the Mydoh app from the Apple App Store or Google Play Store.
  • Register using RBC credentials or a government-issued ID.
  • Add your child to the app and embark on a financial literacy journey together.


Mydoh’s features at a glance

Mydoh isn't just another banking app. It's a financial learning tool with unique features:

  • Task tracking: Kids can mark tasks as complete and track their earnings.
  • Spending and saving: Children learn to manage their money by viewing their transactions.
  • Financial education: Access to Play Mydoh enriches their understanding of personal finance.

The Mydoh Smart Cash Card

The physical Mydoh Smart Cash Card is more than just a spending tool. It's a hands-on lesson in financial responsibility, teaching kids about:

  • Spending power: Understanding how economic factors like inflation affect purchasing power.
  • Budgeting: Learning the importance of managing money wisely.

Why Mydoh?

Choosing Mydoh as a financial teaching tool for your child is a step towards securing their financial future. Here's why:

Award-winningRecognized for its innovation in financial education
SecurityBacked by RBC’s robust security measures
EngagementHigh user activity among kids and parents, with significant positive feedback

Incorporating Mydoh into Daily Life

Mydoh simplifies financial discussions, making them a natural part of your child's daily routine. Whether earning money through chores or saving for future goals, Mydoh provides a practical and enjoyable platform for these important lessons. Check out this great review video of Mydoh that Charlee Wayne produced in 2022.

Mydoh's practical uses and benefits

The Mydoh app and Smart Cash Card are more than innovative financial tools; they're the future of financial literacy and independence for Canadian youth. Through an intuitive interface and real-life money management scenarios, Mydoh teaches children the value of money, the importance of saving, and the basics of budgeting—all essential skills in today's economy.

Turning theory into practice with a great UX

Parents and children across Canada have shared their success stories, highlighting how Mydoh has positively impacted their financial habits and understanding:

  • Increased financial awareness: Children become more aware of their spending habits and learn to make more informed decisions with their money.
  • Goal-oriented savings: Mydoh's savings goal feature encourages kids to save for specific items or events, teaching them patience and the value of hard work.

In-depth on features

Mydoh makes daily interactions and transactions seamless. The following table outlines some of Mydoh’s most exciting features.

Weekly allowanceParents can set a weekly allowance, teaching children about regular income
Task completion rewardsRewards for completed tasks motivate children to contribute to household chores, linking hard work to financial rewards
Savings goalsA feature that allows setting and tracking progress towards specific financial goals, instilling the importance of saving
Real-Time notificationsInstant updates on account activity keep both parents and children informed, promoting transparency and trust
Educational contentPlay Mydoh and Mydoh’s Gallery provide fun and interactive ways to learn about financial concepts, enhancing financial literacy


Finding financial independence early on

An adult and child looking at their smartphones

Mydoh facilitates a practical understanding of money management and fosters a sense of financial independence from an early age. Children learn to manage their money through their Mydoh Wallet, gaining insights into spending and saving patterns. This early exposure to financial responsibility is crucial in preparing them for the complexities of adult financial management.

Security equals peace of mind

With the backing of the Royal Bank of Canada, Mydoh provides a secure platform for financial education and transactions. Parents have peace of mind knowing their child’s financial activity is protected, and the customizable controls ensure that spending never goes beyond set limits.

Mydoh is a step towards a financially literate future

Mydoh is a valuable tool promoting widespread financial literacy among Canadian youth. Its innovative approach to financial education, combined with practical money management tools, prepares the next generation for a successful and responsible financial future.

For a more in-depth understanding and to start your child's journey towards financial literacy, explore the Mydoh app today.

Creditpicks for you and your family

Creditpicks is a great place to start for those seeking to equip their family with the tools for financial success. For more insights and tools to enhance your financial literacy journey and some exclusive offers, subscribe to our browser notifications.

Please note that this was not a paid sponsorship post. The Creditpicks team developed this post, given our appreciation of what Mydoh is doing for Canada’s youth.


Frequently asked questions

  • What does the Mydoh app do?

    Mydoh is an innovative app designed to teach children about money management through a practical, hands-on approach, including a Smart Cash Card for real-world spending and saving.

  • Is Mydoh owned by RBC?

    Mydoh is a product of RBC Ventures, a subsidiary of the Royal Bank of Canada, designed with the security and trust associated with one of Canada’s leading banks.

  • How much does Mydoh cost?

    Mydoh offers a free trial period, after which a monthly subscription fee applies, providing full access to its financial literacy platform and Smart Cash Card.

  • How do I set up Mydoh?

    Setting up Mydoh involves downloading the app, registering for an account using RBC credentials or a government-issued ID, and adding your child to the platform.

More Articles Like This

Recent Articles