As parents, we strive to encourage our children to be successful and well-adjusted adults. We take care to fasten their bicycle helmets, cut their grapes lengthwise, and even serve as their math tutors and science project assistants from time to time. No matter how diligent our efforts, parents need extra support to fortify their childrens’ education. Enter: kid-centered technology.
Throughout the ongoing pandemic, parents have turned to laptops and tablets to fill in the gaps of at-home learning. As children become more technologically literate, educational apps have begun to span an even wider array of life skills. We highly encourage parents to utilize apps that encourage financial responsibility in children—the earlier, the better!
These apps range in ages 3-17; some use real, prepaid debit cards, while others teach financial literacy through play. You can decide which app is right for your child based on your child’s age and responsibility level, as well as your own financial commitment. Here are five apps to consider for teaching your child about financial responsibility.
Bankaroo (Ages: 7+)
Bankaroo is a virtual bank account for kids, which motivates them to make and reach savings goals of their own. Originally developed by an 11-year-old honor student, this is a very accessible financial learning program for even the newest students. This app brings the abstract concept of financial literacy to the personal context of children by encouraging them to set unique and attainable savings goals.
Another cool thing about this app? It teaches about multiple currencies, including the euro and British pound. It also does not require that parents connect the app with a real bank account, which might ease many parents’ minds.
PiggyBot (Ages: 6+)
PiggyBot uses the classic piggy bank structure to help children visualize how they are managing their money. A great thing about this app is that it does not only help children save money, but also denotes the importance of sharing their money. The virtual piggy bank allows your child to divide their money into three categories: Spend it, Save it, and Share it.
FamZoo (Ages: 13+)
An excellent app for pre-teens who might be nearing the transition to part-time work, this app encourages teens to get hands-on experience with spending and saving their own money in a safe environment. This app uses prepaid debits cards, and parents are responsible for setting up a bank account for their child to manage their own money. FamZoo is about as close to real life finance management as a child can get!
BusyKid (Ages: 9-11)
New apps are combining teaching financial literacy, while also providing chore and allowance management for parents. BusyKid combines these two elements with ease and convenience.
Research indicates that 90% of US adults who received allowances throughout their childhood said they had to actually earn that money. Therefore, this app serves a great need, allowing parents to easily manage their end of the allowance bargain.
BusyKid allows kids to use their hard-earned chore money to donate to charity, turn it into real stock, and spend their money with a real debit card. Parents will love the dashboard with which they can conveniently manage allowance amount and communicate specific chore notes.
Green$treets: Unleash the Loot (Ages: 5-8)
Rather than most of the apps we have described above, which seek to teach children to use money in a real-world context, this app encourages young children to form an emotional understanding of money. In this app, kids are able to rescue endangered animals while learning about finances as they care for these animals.
This emotional appeal works two-fold: children will learn about the meaningful impacts they are able to make by choosing to spend their money wisely, while emotional engagement has been proven to hold children’s attention longer than games strictly using logic.
Southwestern Investment Group provides financial advising services with knowledge and integrity. Contact us today to learn more about integrating financial literacy within your family life.
