Posted on November 15, 2023 in Financial Literacy
Teaching children personal finance skills is a priceless lesson that should be taught in every home. The more familiar you make it as they grow up, the easier it will be for them to make their own financial decisions. There are some great financial apps available to make it easy and fun for kids and teens to learn about money.
Most financial apps require a joint or custodial account prior to the age of 18. This means that kids can make some decisions, but most transactions require parental approval. For those that do not require parental approval, you may have the option to set up parameters and provide real-time updates on transactions.
Here is a list of top money apps for teens and kids that may fit your family’s needs:
- Greenlight – $4.99 – $14.98 per month (Best for learning money management)
- This account comes with a prepaid debit card where parents can control most features, including the funding and where and how much they spend. With Greenlight, kids will learn basic financial skills such as earning, spending, saving, giving and investing. Where this account stands out is with the upgraded versions. With parental controls, there are opportunities to open a connected brokerage account to buy and sell real stocks and EFTs.
- Copper – Free (Best for financial literacy)
- This account is for teens ages 13 – 17 and comes with a debit card that can be used at most stores and linked to Apple or Google Pay. It’s meant to teach teens to manage their money themselves with parental guidance, however parents can’t control where and how they spend their money, but only see what they’ve already done. Copper stands out by including tips from financial experts, incentivizes kids to learn by offering rewards for completing quizzes and educational videos and allows you to set up savings goals.
- Step Banking – Free (Best for building credit)
- The Step Visa Card acts like a hybrid of a debit and credit card, but without the interest or monthly payments. Unlike a normal debit card, this helps you build your credit history using everyday purchases prior to turning 18. You can instantly send and receive money and even set up a savings goal.
- GoHenry – $4.99 – $9.98 per month (Best for educational content)
- This account comes with a debit card and makes learning about money fun with targeted missions such as “What is Saving? Want to be an Entrepreneur? and The Future of Money”, designed to prepare them for making financial decisions down the road. There is a companion app for parents to monitor spending and set goals and limits as needed. With the built-in budgeting tools, you’ll have access to view their finances in graph formats.
With so many options available, banking and finances no longer have to be “boring”. The list above highlights a few of the top financial apps out there that you can easily link your current bank account to in order to get started. It’s becoming increasingly important for parents to teach kids the value of money and these apps provide a controlled environment to learn. Through repetition and consistency, these apps, along with parental guidance will help kids learn how to manage their funds to set them up for success for the long-term.
