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TMCNet:  DoughMain Launches New Savings Tool for Kids

[April 23, 2012]

DoughMain Launches New Savings Tool for Kids

PRINCETON, N.J. --(Business Wire)--

The results of a recent national survey asking more than 2,000 parents how they teach their kids to interact with money in their daily lives revealed that an overwhelming 81 percent of parents feel it is their responsibility to teach their kids about money and savings, yet only 63 percent of parents stated their children had a savings account and only 43 percent review bank statements with their kids monthly. As a result of this study conducted by DoughMain, a free financial education and family organization platform, the company has launched Save, Spend, Give, an age-appropriate financial tool designed for kids and teens ages 5 - 18. Save, Spend, Give was designed to increase financial education and communication through a fun, goal-based planning and management platform for families to view, manage and reflect on savings, spending and giving. Created using the Jump$tart Financial standards, the tool offers parents and kids the opportunity to work together to evaluate earning opportunities, set savings, spending and giving goals and evaluate progress and results.

"At DoughMain, our research revealed the importance of giving parents actionable tools that help encourage their kids to watch their money grow and appreciate the value of money while actively participating and learning," said Kenneth Damato, president and chief executive officer of DoughMain. "We know that kids often don't think about savings, so our savings tool makes the process fun and engaging for both parents and children by teaching kids about the fundamentals of money management in a relevant, digital way for today's generation. Save, Spend, Give makes it easier for kids to develop savings goals while also providing a tool that helps parents teach and reward their chldren when they reach those goals."

Through Save, Spend, Give, parents and children can create savings goals and use a dynamic slider to set distribution ratios for saving, spending and giving buckets. Income sources from DoughMain activities such as chores, allowance and money requests, coupled with real-time visibility to bank account balances, are allocated and distributed based on parent and child decisions into savings, spending and giving areas. Save, Spend, Give helps children build an understanding that every spending or saving decision has an opportunity cost - an important concept of financial literacy.

The allocation and distribution process of using Save, Spend, Give provides great opportunity for parent/child communication and education opportunities surrounding expectations, norms, short and long-term savings goals and good financial practices. Children actively participate in the set-up and management of their Save, Spend, Give tool with parent-controlled permissions for goal creation, editing and allocation settings. Once goals are met, parents can complete the "purchase" of the goal which will deduct the amount from the DoughMain balance.

Save, Spend, Give offers significant benefits for kids and parents to track savings goals including:

  • Create multiple savings and giving goals with sub-distribution sliders
  • Parent match funds option
  • Flexible editing functions for goals and account balances
  • Transaction history to teach bank statement reading and foster communication between parents and kids

More than 20,000 users of DoughMain.com have already demonstrated strong engagement and activity with the website's unique family organization tools and financial education games including a unique online chore chart tied to allowance and rewards. For more ideas and tools to help teach kids about money matters through real-world experiences, visit DoughMain.com.

About DoughMain

DoughMain is the first and only service to combine family coordination and financial education into one simple and convenient platform. Helping families manage their lives while empowering them to become better educated about money, DoughMain offers a suite of on- and off-line services, including an integrated family calendar, chore tracker, allowance/rewards tool and three age-relevant gaming websites: TheFunVault.com (ages 5 and up), SandDollarCity.com (ages 8- 12) and IRuleMoney.com (ages 13-18). To learn more about DoughMain, please visit DoughMain.com or follow the company on Twitter (News - Alert) @DoughMainBuzz and Facebook at facebook.com/DoughMainBuzz.


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