Apple has announced that it will be shutting down its iTunes Allowance feature. The feature allowed parents to create credit allowances for their children to use in iTunes and App Store purchases. You can no longer create a new allowance, while current allowances will end on May 25.

From Apple (via 9to5Mac):

After May 25, any unused allowance credit will remain in the recipient's account until it's used. To manage iTunes purchases made by your family, use Family Sharing. To send gifts to family and friends, use iTunes Gifts.

With Family Sharing, you can connect up to six iTunes accounts, which will also use the same payment method for purchases in Apple's digital content stores. It also allows families to share purchases like music, movies, and apps, and gives parents more control over what their children buy.