“The application facilitates kids learning about and actually owning stock at a younger age in a custodial account with money they’ve earned themselves,” says Murset. “They can buy McDonald’s food with a gift card they earned through BusyKid, buy stock in the company if they like it, and also donate to the Ronald McDonald House charity.”

Murset offers the packaged BusyKid application and services for $12 per household per year.

The application and chore system is simple enough to be used with children as young as 5, says Murset.

“Wealth management clients often say that they’re afraid their children won’t appreciate wealth, and that’s why you should start them early in understanding the value of money,” says Murset. “Teach a kid at age 5, 6 or 7 that there’s a connection between having money and working hard, that’s super important. Then, as they grow older, if you can connect the dots with net worth, you’re going to make significant positive impacts on this next generation.”

He notes that parents can instill values and life lessons in their children when the kids are between the ages of 5 and 15.

Murset, who is also vice president of employee benefits at Scottsdale, Ariz.-based Bennett & Porter, takes inspiration from his own home, in which he’s raising six children, and from statistics about the millennial generation showing low levels of saving and investing.

BusyKid started out as My Job Chart (MJC), a spreadsheet-based solution Murset launched in 2011 to track children’s household chores and allowances. Before MJC was converted into a mobile app earlier this year, more than 250,000 families had used the tool.

“I used the system with my oldest child, who’s now almost 20 years old,” says Murset. “When he left the house, he had over $10,000 saved up, and he told me that he wanted to open an IRA for his 18th birthday—he’s a total nerd, like his father, but that’s the kind of attitude and perspective that you really want for your child.”

My Job Chart used a point system for chores that parents could convert into dollars at week’s end, but Murset wanted to create for families a more direct connection between labor and compensation.

According to research published by San Francisco-based Wells Fargo, 41 percent of Americans aged 17 to 35 have yet to start saving for retirement.