Apple to Phase out iTunes Allowance for Children on May 25

Apple is phasing out a feature that let parents give their kids virtual pocket money to spend on apps and music.

But it's not because children haven't been doing their chores or have been letting their grades slip. According to the company, an iTunes Allowance is no longer necessary since Apple introduced Family Sharing features on iPads and iPhones.

Thanks to headlines regarding children running up huge bills via in-app purchases or through playing with parents' devices, Apple introduced a way to stop accidental spending while allowing children some digital freedom.

Family Sharing allows the parental account holder to sign off on potential purchases made by other family members on other devices or to buy apps or content on their own device that they can then pass on to their children.

Therefore, all remaining balances will need to be cleared, moved or spent before May 25 when iTunes Allowance is shuttered.