Check out good apps to teach young people about finance
Studies by the TIAA Institute indicate that only 57% of American adults understand basic financial concepts such as compound interest, inflation, and investment diversification.
This highlights the need to start financial education early, preparing children to make informed decisions in the future.
Why financial education for children is essential in the U.S.
Financial literacy in childhood promotes the development of crucial skills, such as financial discipline, data-driven decision making, risk understanding, and prevention of future debt.
By introducing financial concepts in a practical way, children learn to manage resources autonomously.
This increases the chances of achieving financial success in adulthood.
Here are some app suggestions to use:
1. Greenlight
Greenlight is one of the most complete apps for children’s financial education, working as a parent-controlled debit card.
Children can divide their allowance into categories of spending, saving, and investing. Parents can receive real-time notifications and control the card limit.
2. GoHenry
GoHenry is similar to Greenlight, offering a parent-controlled debit card, but stands out for its use of gamification to make learning more fun and motivating.
It is possible to configure tasks and responsibilities, add achievement goal systems, and receive detailed financial performance reports.
3. BusyKid
BusyKid integrates financial education with paid work at home, functioning as a digital chore board.
Parents list household activities and children receive payment for completing them.
The money earned can be spent, saved, or donated, encouraging social and financial responsibility.
4. PiggyBot
Designed for younger children, PiggyBot is a digital version of the traditional piggy bank, with visual tracking of spending and goals in an intuitive and accessible interface.
Although elemental, PiggyBot establishes the foundation for long-term healthy financial habits.
5. FamZoo
FamZoo is a robust platform that combines features from all the previous apps, with prepaid cards, allowance management, and task tracking.
FamZoo allows teenagers to experience complex financial decisions in a controlled environment, preparing them for adulthood with practical and safe experiences.
6. Khan Academy Kids – Money Module
Although Khan Academy Kids is known for general education, it has specific finance modules.
It teaches concepts of money, economy, and savings through interactive activities and animated stories.
7. Bankaroo
Bankaroo functions as a digital piggy bank but includes budget management and goal planning.
Children can create savings categories, record income and expenses, and parents can monitor and set goals.
8. iAllowance
iAllowance focuses on allowances and household chores. Unlike traditional apps, it allows automating chore payments, setting savings goals, and generating reports.
9. Current – Teen Banking App
Although aimed at teenagers, Current offers bank accounts with prepaid cards, automatic savings tools, and full parental control.
It is great for young people starting to understand real banking concepts.
10. BusyKid (with new investment module)
Even though previously mentioned, BusyKid now includes micro-investment modules in stocks.
This allows teenagers to invest small amounts and learn about risk.
Benefits of digital financial learning
Besides introducing children to the financial world, the apps provide additional advantages:
- Interactividad: Turns theoretical learning into practical experience.
- Supervised autonomy: Children make financial decisions under parental guidance.
- Safety: Apps are designed for minors, ensuring protection of data and transactions.
- Real-time learning: Every purchase or decision becomes an immediate teaching opportunity.
How parents can maximize app usage
Even with technology, parents remain central. Strategies to maintain include:
- Talk frequently about money, including everyday situations.
- Set financial goals, including with gifts and rewards.
- Monitor app reports, using them as good starting points to discuss finances.
- Demonstrate discipline in their own family money management actions.
The combination of digital tools with parental guidance ensures more effective and lasting learning.
In the United States, apps for children’s financial education represent a strategic tool for developing financially responsible young people.
The use of these apps, combined with parental supervision and consistent practice, allows children and teenagers to develop saving habits and understand concepts of risk, credit, and return.
The goal is always to learn how to make financial decisions from an early age!