Personal Finance

Many of these online piggy banks allow parents to set an interest rate. The RoosterMoney app, for example, has a default rate of 9 percent. (In its user survey, they found that the average kid saves 43 percent of his allowance.)

“We might not be getting those rates with banks,” Carmichael said, “but when you’re six or seven [years old], you need to make it exciting.”

The FamZoo app will notify children of their returns (paid, of course, by parents).

“We’re trying to teach kids basic principles like compound interest,” Dwight said.

Golden said that parents need to “understand their kid’s financial personality,” as well: One of his kids is a spender while the other is a saver. Recognizing a child’s tendencies can help a parent realize what lessons they will need to reinforce.

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