With consumer debt continuing to rise, a Brock graduate has set out to help parents teach their children financial literacy and good money habits. 

After graduating from Brock’s Goodman School of Business last year, Alexander Fung (BBA ’15) launched a digital allowance application called Dollarwise.

Fung’s vision is to teach children about managing their money wisely to reduce costly mistakes and encourage parents to have proactive conversations about finances with their children.

His motivation came from a childhood memory of cleaning out his piggy bank at eight years old to buy a video game. It was a decision he later regretted when his parents were furious that his impulsive action meant he would have to start the saving process all over again.

Designed for ages 8-18, the Dollarwise mobile application is accompanied by a prepaid debit card equipped with chequing and savings accounts and parental controls so that children cannot overspend.

The application allows parents to view their children’s financial goals, track and incentivize their saving progress and set up allowances as automatic bill payments that are loaded to the debit card. 

Parents can also set their own monthly interest rates and contribute more funds at any time as an extra reward for saving while gamifying their chores and other responsibilities.

A big step forward for Fung was his recent graduation from Founder Institute. Based in Silicon Valley, California, the institute is an international launch program that helps entrepreneurs get their technology ventures off the ground while providing mentorship and other resources.

Fung credits his ability to start his own business to his Brock experience which provided him the business knowledge he needed but also connected him with people who have since supported his idea.

“There is no question that the experience I have gained at the Goodman School of Business has helped me,” he said.

“Professors (Wesley) Helms, (Ernest) Biktimirov and (Lewis) Stevenson have been particularly helpful and supportive and have given me real insight and advice. I can bounce ideas off them to make sure that they are solid,” he said. 

Fung has also partnered with Innovate Niagara for market research purposes and collaborated with BioLinc, Brock’s business incubator run by the Goodman School of Business.

Dollarwise is currently inviting the first 100 households to respond to the brief online survey an opportunity to test the initial application prototype.