Common Sense Media Review
By Susan Yudt
,
based on child development research. How do we rate?
Money-managing site has shopping, strong parental controls.
Parents Need to Know
Why Age 8+?
Any Positive Content?
What's It About?
Founded by two business executives, Tykoon allows kids and parents to collaborate on setting money-management goals. Parents create a free account for kids and decide how they can earn money (such as through an allowance or by completing chores), then decide how much of their kids' money goes to savings, purchases, and donations. Kids get a separate login that allows them to suggest tasks, choose items to buy or save up for, and browse charities for donations (all subject to parents' approval). They can also connect with friends on Tykoon.
Is It Any Good?
Tykoon has a smart setup that lets parents and kids communicate with each other within a user-friendly platform and give parents lots of control over their kids' experience. Parents can block categories of items they don't want kids buying in the Amazon store (such as beauty products or video games). Kids can be proactive about earning money by suggesting tasks and pay rates. Tykoon encourages saving and giving, but shopping is also a big part of the experience; for example, the dashboard includes a "spend" section that rotates through images of tempting items.
Talk to Your Kids About ...
Families can talk about their values related to money and how websites and apps often encourage spending.
Families can talk about the difference between a "want" and a "need." Do you think advertisers target kids and entice them to spend money on toys and clothes they don't necessarily need? Check out Selling to Kids Tips and rein in those wallets.
Families can talk about real money vs. the concept of virtual money. Does spending virtual money make you savvier about your own real money?
Website Details
- Subjects : Math : graphing , money
- Skills : Responsibility & Ethics : fiscal responsibility , honoring the community , making wise decisions , Self-Direction : goal-setting , self-reflection , work to achieve goals
- Genre : Educational
- Pricing structure : Free
- Last updated : November 11, 2020
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