A new app aims to help parents teach children the value of money
A new app aims to help parents teach children responsibility. Anjali Hazari finds out about its rewards system
Instilling values of hard work and responsibility in children is an issue that concerns all parents. In Hong Kong, however, where household chores are often managed by helpers, and children's lives are structured around school and related activities, parents often struggle with defining the contributions they need to make in becoming responsible family members.
An allowance introduces children to the value of money and facilitates the learning of important life skills such as saving, budgeting and planning.
It is a tool that can help you reward your children for a job well done
But should an allowance be given to motivate children to assume responsibilities at home? Or should it be a tool for teaching money management? And how do you establish an appropriate correlation between the chore and remuneration?
Mark Lacek, founder of recently launched app FamDoo - which automates the allowance system and takes it into the digital age - understands these concerns well.
As the father of two girls, aged 10 and 12, he describes himself as a perfect customer for the app.
"Parents spend too much of their time nagging and trying to get their kids to do things that should help teach responsibility and the value of hard work. This often becomes a battle that no one wins," Lacek says.
