Yes but not as a standard feature, you would have to sign up for "family allowances" which I believe is $4.99/mo currently. The other option is at least for Android that I know of is 3rd party apps that you can restrict a bunch of parameters, the software cannot be removed or changed without a PIN that you set.
Family Allowances lets you set upfront monthly allowances for your kids’ phone usage—minutes, messages, and downloads. It’s easy to set and change limits straight from the Web, and the whole family stays connected, even after allowances are spent.
Ok thank you for the info sir..