Teaching Kids About Digital Money and FinTech

Updated: Oct 8

When we think about teaching kids about money, we often begin with a piggy bank, an allowance, or letting them spend birthday cash at a store. But times have changed: cash is disappearing, and digital money, debit cards, online wallets, payment apps, is a daily part of life. So how can we equip kids to be confident, safe, and smart with digital money and FinTech? We’ve explored what we think are some great ways to bring financial literacy into the digital age, and in this article we point to some resources and programs already doing great work.

Why Digital Money Matters for Kids

Children today live in a world where many purchases happen with a tap, click, or swipe. Introducing them early to digital money helps them:

Understand where money goes even when it’s not physically in hand
See how fees, delays, or limits matter in digital transactions
Balance saving, spending, and tracking, not just with coins, but with balances
Develop safe online habits: not sharing PINs, verifying sites, and spotting scams

Kid-Friendly Digital Tools

Thankfully, there are tools designed for families. Prepaid or debit cards made for kids allow parents to load money onto a card. These cards often come with apps where children can track spending, see balances, and even set savings goals. Parents can also monitor activity, making it a safe learning experience.

Here are some apps, simulators, and bank programs designed for kids and youth to learn digital money concepts in a safe environment:

Play & Pretend (Virtual Learning / Simulators)

These apps don’t use real money. They simulate banking so kids can learn through play. Great for introducing younger children (ages 4 to 10) to saving, goal setting, and money concepts.

Bankaroo: a virtual “bank for kids,” where children can track balances, set goals, and manage “funds.” Many teachers use it as a classroom economy tool.
- schools: https://bankaroo.com/for-school
- families: https://bankaroo.com
KidoBank: A virtual finance simulator for kids (ages 5+). Lets them “earn,” “save,” or “borrow” imaginary money with parental approval. https://kidobank.com
ninosBank: A virtual bank app that helps families simulate allowance, chores, and digital jars for saving, spending, and giving, with no real funds involved. https://ninosbank.com

Real Connection to a Bank Account (Parent-Supervised Money Movement)

Some tools go beyond play or simulation, and kids can manage real money through parent-funded accounts or prepaid cards.

The RBC Mydoh digital banking app is designed for older children and teens (typically ages 8–17) to learn by earning, saving, and spending responsibly, under parental supervision.

Mydoh (by RBC, Canada): A smart card and app built in partnership with RBC. Parents can load funds, assign tasks, and track spending, while kids learn to earn, save, and spend wisely in a safe, monitored environment.

While Mydoh is currently the leading Canadian example of a bank-backed youth money app, other major banks, such as TD, BMO, and Scotiabank, have introduced digital youth banking accounts and mobile banking features that help young users track balances, set savings goals, and build early financial habits.

These tools bridge the gap between a traditional bank account and a real-world digital wallet, helping kids understand managing money they can see both on-screen and in-hand.

Always research account options, resources and apps carefully, every family’s needs are different, and Financial Kid Academy does not endorse specific banks, products, accounts, or apps.

Teaching Smart Digital Spending

Digital money can feel a little invisible, so it’s important to give kids boundaries and context. A few ideas to try at home:

Set up check-ins to review their app or card activity together
Encourage kids to pause before making an online purchase: Do I really need this? Could I save for something bigger, or save generally? (the latter being our preferred!)
Use spending alerts (many bank apps have this feature) connected to their accounts, to start a conversation when money is spent.

These small steps help build the habit of thinking before clicking.

Being smart with money starts young. Many youth accounts also don't have fees and may offer interest on savings- a great introduction to compounding and the benefits of saving!

Learn More: Books Resources

We love using stories to spark financial curiosity! If you’re looking for a great starting place, check out our growing list of favourite financial literacy books on the Financial Kid Academy website: Building Financial Literacy: Our Top 10 Book Picks for Early Learners

Upcoming in November is Financial Literacy Month in Canada, which makes it a perfect time to introduce kids to these money skills. Families can use this upcoming month as a reminder to talk about money more openly, and to bring digital financial literacy into that conversation.

Important Disclosure & Disclaimer

The information shared by Financial Kid Academy, including all articles, blog posts, recommendations, and social media content, is provided for educational and informational purposes only. It should not be considered financial, investment, legal, or formal educational advice. The opinions expressed reflect the author’s personal views and experiences.

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Every family’s financial situation is unique, and we encourage readers to conduct independent research and choose what best fits their own needs.