You can also get them started with investing as GoHenry offers a Junior ISA. A new feature “Money Missions” enables you to set your child/ren age-appropriate challenges that you pay them for – how much is up to you. But don’t worry, you will get an instant notification whenever they use the card and can set weekly spending limits. Plus, they will be able to use their card in shops, online and to withdraw cash. You get a parent account, which allows you to top up your child’s allowance and apply rules on how they can spend that money. If you want your child to start learning about saving and spending (but with parental control), GoHenry could be the app for you. If there’s something your child really wants, you can agree on an amount to automatically save each week until they have enough to buy it themselves. And unlike giving pocket money the traditional way, app alerts and automatic transfers mean you won’t forget your child’s pay day! 1. It can be easier to teach them to save too.

It’s also possible to set tasks – such as completing household jobs – for your child to complete to earn their pocket money. Through an app you can monitor what your child is spending money on and restrict what they can spend on in-app purchases or digital downloads. Not without the parents maintaining some control, of course.

Unlike a conventional bank account, apps can enable parents to teach children vital money management skills and – like any good learning experience – let them have a go at doing it themselves. But as physical cash is used less and less, apps can be a better and more relevant way of showing children how to look after their money. You might think that using technology to teach this skill takes away from the charm of handing out ‘real’ pocket money.

It’s now possible to teach children as young as four about the value of money using an online budgeting app. Loose coins (that it’s easy to forget to hand out every week) and notes stuck in cards for Christmas or birthdays from grandparents are almost a thing of the past. For kids growing up in a cashless society, the piggy bank is digital.

For pocket money