I just learned about an upcoming technology tool for parents to help their kids learn about finances. Today the Charlotte Business Journal published an article about Tykoon, an Internet startup founded in Charlotte and currently located in New York. The full-length article is only accessible to Journal subscribers, so here's a summary.
Tykoon is in a beta testing phase, and the company will publicly launch in six weeks. Participating families can manage allowances, learn about basic budgeting, and experience "real-life saving and spending activity." Kids will have the option to donate a portion of their earnings to participating charities, such as the National Wildlife Foundation and Habitat for Humanity. Tykoon even has Amazon.com as a retail partner, which will be a platform through which kids can buy products online. Participating banks are also expected to partner with Tykoon.
The founders of the startup, LendingTree founder Doug Lebda and former Bank of America executive Mark Bruinooge, were inspired to start Tykoon through their efforts to teach their own children about responsible money management.
Financial education is of vital importance for kids. Tykoon could be a wonderful tool for parents, and I look forward to seeing it launch.