Our children are growing up in a fast-changing world and we want to do what we can to enable them to adapt and grow with these changes. The way we handle money has undergone a dramatic revolution in recent years. We live in an increasingly cashless society, where notes and coins are becoming less popular as digital money management becomes the norm.
If you've decided to give your children the opportunity to start managing their own money and are looking for apps that help them do so, here is a list of the five best money apps that parents and kids are using right now.
Related: Teaching kids about money
GoHenry
GoHenry comes with a prepaid kids' debit card. Parents load the account with money at scheduled intervals, or they can deposit one-off payments. The card can then be used just like a standard debit card. If parental control is important, GoHenry might be just what you’re looking for. When you register for an account, you get an app for children and parents. This means that you can easily monitor your child's account and support your child as they earn, spend and save.
What do you get?
Once you have loaded the GoHenry account with money, your child can use it in the same way as a debit card. They can spend online and in shops and withdraw money from an ATM. A notable feature of this account is instant notifications when your child spends money.
Many parents value in-app Money Missions, which provide lessons and quizzes to teach your kids about money basics, investing, saving, compound interest, borrowing, giving, and more. There are even lessons on investing and making charitable donations, all explored through a range of videos and games. As kids complete the challenges they can earn rewards and badges, giving them a sense of pride and achievement.
What’s the cost?
It costs £3.99 a month to maintain your membership with GoHenry. Another bonus for kids is the customisable cards, costing £4.99. You can also opt for non-customised cards, which are free.
The features of an app like GoHenry can have long-term benefits. Children who are financially savvy from a young age and who can make age-appropriate financial decisions grow into adults with a much healthier approach to money. We know that the world is constantly changing, but one thing that is unlikely to change is the need to manage money.
Understanding and managing pocket money enables kids to participate in the digital economy from an early age. The sooner our children understand that, the more likely they will make sound financial choices in adulthood. A GoHenry account can set your child on the path to having vital money skills for life.
Gimi
What do you get?
Gimi’s purpose is to enable parents and kids to keep track of their pocket money. It also aims to give kids an understanding of their finances and can help with financial education. Kids get to see their in-app virtual piggy bank fill up each week as money comes in. The app is designed to bring parents and kids together as they learn the three basic lessons of finance: earning, saving, and spending.
What does it cost?
The app is currently free in the UK. However, it is set to become a subscription service soon.
iAllowance
What do you get?
iAllowance is an app that strives to link the completion of chores with acquiring pocket money. It claims to have had a hand in getting more than 20 million chores completed. This app is only available on Apple products. As parents, you can prompt your kids virtually to finish their allocated tasks. iAllowance syncs across your family's devices and you can print reports on how your child is performing. It’s worth noting that this app does not actually hold money. You will still need to physically hand over money and your children will be responsible for looking after it. You can upload the amounts of money given and money spent, like a calculator with a virtual piggy bank. There is no debit card with this app.
What’s the cost?
Access to the basic level of iAllowance is free. Once you upgrade to full access, you will incur a one-off £2.99 fee.
Pigby’s Fair
What do you get?
Pigby’s Fair is a money app that offers children the chance to learn about money management by playing a virtual game.
Children run a stall at a village fair and manage and create stock. One of the good things about this app is that children get to indulge their love of playing games and learn about money at the same time.
What does it cost?
It's free.
Otly!
What do you get?
Otly! is another appealing app that allows children to monitor and track their own money. Shared between the parent and child, the app is installed on both of your devices. You take primary control over the app and set up a digital record of pocket money given over time. You can also track what’s spent so that your children can see the impact of money coming in and money going out. Your kids can access the junior app, separate their money into various savings pots, and see graphs of their savings as they accumulate. Children may also enjoy the countdown to their next pocket money deposit.
What does it cost?
It's free.
Why should kids use money apps?
Teaching your children how to prepare for their financial future is incredibly important. This is a life skill they need to live well as adults. The foundations must be laid in childhood. By enabling our children to become financially independent, we are giving them a vital life skill.
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