Apple today announced Family Sharing for iOS 8, a feature that will let up to six members of a family share iTunes purchases across devices. Familiies will need to use a single credit card for all of their devices in order for the feature to work.
Families can also share calendars, reminders, photos, and find my friends across devices. It appears to be very similar to the family groups offered on Microsoft's Windows Phone 8, but with the added ability to share iTunes Store purchases. Parents will be able to approve or deny purchases made on their childrens' devices, making it more difficult for kids to run up large bills on in-app purchases.
FamilyShare will be available when iOS 8 launches later this fall.