As advisors adopt web portals and mobile apps to attract millennials, Gregg Murset is using fintech to serve children who have yet to even learn their multiplication tables.

Murset, a Scottsdale, Ariz.-based financial planner, is the founder of BusyKid.com, an application intended to help children learn about saving, spending, investing and through household chores and allowances from parents.

“We wanted to simplify the household allowance and use it to teach young kids how to work, make money and make good decisions with that money,” says Murset. “Financial abstraction means that money has become invisible; we don’t carry cash around with us anymore, so we need to teach children how to manage money when they can’t see it.”

Families can access BusyKid from the web or a mobile app. An online chore chart lies at the heart of BusyKid, with recommended chores and payments preloaded for different child ages.

The mobile application is an ideal method to reach today’s children, notes Murset, as their proficiency with smartphones and tablets is developed at very young ages.

Parents can add, remove or reassign chores and payments for their children, and kids can report whether they completed a chore or activity. When a chore is completed, the application sends a message to parents prompting them to allow money that will reward the child to be moved from their bank account to a holding account.

“Kids are really connecting with technology these days and using it as a medium to learn,” says Murset. “It’s effective, and it represents the world they’re living in. When they watch a parent swipe a card or tap their phone to make a payment, they need to understand why that’s important.”

Each Thursday, BusyKid sends a text message to parents prompting them to approve an allowance that compensates children for all of the chores they have completed, with payments received on Friday.

The online allowance can be used to buy gift cards, make a donation or invest in company stock, and parents may determine what percentages of an allowance may be used for spending, saving and donation.

BusyKid allowances can be used to purchase gift cards to retailers like McDonald’s, iTunes and Amazon, among others. The platform also supports charities like the American Red Cross, Big Brothers Big Sisters, the Make-A-Wish Foundation, the Humane Society of the United States and Toys for Tots, among others. In addition, the application partners with Silicon Valley-based Stockpile to help children purchase gift cards that can be exchanged for whole or partial shares of company stock.

“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.

“Very few kids are being taught personal finance stuff in school,” says Murset. “Parents think financial literacy should be taught in schools, schools argue it should be taught at home, and at the end of the day it falls back on the parents or it falls through the cracks. If high schools and colleges pick up the baton, what they’re providing is often too little, too late. This has to start in elementary and middle school, and it should be a front-burner issue for parents.”

Many millennials fell behind after graduating from college because they struggled to find full-time employment during the great recession, difficulties often compounded by the burdens of consumer and student loan debt. Murset believes that the next generation can avoid many of these problems by becoming financially literate and investing for their long-term goals at a younger age.

By referring their clients to BusyKid, advisors can help their clients enjoy more financial stability within their households and cultivate meaningful relationships with the next generation outside of the context of legacy planning and inheritances.

“Your clients’ kids need to figure this stuff out, and this might be a tool that can help them,” says Murset. “That’s super powerful and brings value to the advisor, and it has a huge impact for that family if the kids learn and begin to capitalize on their financial literacy.”