Update: This article was last updated on 07th December 2023 to reflect the accuracy and up-to-date information on the page.
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In a world where money makes the world go round, financial literacy has become a fundamental life skill that every individual, regardless of age, needs to possess.
As parents, we spend countless hours worrying about providing for our children’s future. But while we focus on earning money, we often forget to teach our children how to manage it.
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Financial literacy is the key to effectively managing personal finances, enabling individuals to make informed decisions about budgeting, saving, spending, borrowing, investing, and planning for the future.
In today’s day and age, where the need for financial security has become more critical than ever, it’s high time we recognize the significance of teaching our children about money from an early age. Financial literacy is not just an adult concept but a skill that can make or break our children’s financial futures.
Recommended Reading: Best Educational Apps For Kids In 2023
Financial literacy is just as important as teaching children morals, values, culture, history, and the importance of education. Thanks to technology, we can teach our kids about finances using various apps.
| S.No. | Table Of Contents |
|---|---|
| 1. | World Of Money |
| 2. | Zogo |
| 3. | Investmate |
| 4. | Famzoo |
| 5. | RoosterMoney |
| 6. | Greenlight Kids |
Here are some of the latest and most effective apps available for teaching children about personal finance:
1. World of Money
The organization’s vision is to develop financially responsible adults. This app offers comprehensive financial education through video lectures for different age groups, from children ages 7 to 9 to young adults ages 19 to 26. With dozens of video lessons, the app covers all major topics of modern finances.
Age Group: 7-9 and 19-26
Cost: Free to use
Availability: Google Play and App Store
2. Zogo
The highlight of this app is that you get paid to learn. It breaks down complex financial concepts into bite-sized pieces, turning financial education into a game with real-life scenarios and making it fun and engaging for users. It features 300 modules and a wide range of financial topics, such as saving money, getting a job, opening a bank account, getting a credit card, filing taxes, and starting investing.
Age Group: Gen Z
Cost: Free to use
Availability: Google Play and App Store
3. Investmate:
Users of this financial literacy app can learn about stocks and trading most easily. Everything is covered in Investmate themes, from the fundamentals of stocks to more complex lectures on futures trading and forecasting market patterns. This software also includes educational articles, tests, trading advice, and a market simulator.
Age Group: Young Adults
Cost: Free to use
Availability: Google Play and App Store
4. Famzoo
If you want to inculcate smart financial habits in your children, you can use this virtual banking app, which allows parents to act as bankers and children as customers. Everyone in the family gets their account. Parents can set up automated allowances, create budgets, give out loans, etc.
The app offers an IOU system that tracks money couples plan to give their children and prepaid cards that parents can load with money.
Age Group: 13+ years
Cost: $5.99/month
Availability: Google Play and App Store
5. RoosterMoney
A popular allowance app, it has a chore schedule, a savings tracker, an allowance manager with the option of automatic payments, and a virtual piggy bank. What makes it unique is its Spend, Save, and Donate pots.
Age Group: 3 to17 years
Cost: Virtual Tracker is free of cost
Rooster PLUS: $0.99/month or $19.99/year
Availability: Google Play and App Store
6. Greenlight Kids
Greenlight Kids, a comprehensive banking and financial education software for kids and teens, aims to provide young people with financial literacy while providing a safe and connected environment for the entire family. The platform offers a range of tools for smart money management, investment, and safety, including a debit card, instructional resources for earning, saving, spending, and giving, parental controls, and the chance to earn prizes.
Apart from that, it offers enhanced savings incentives, cashback, advanced investing tools, priority assistance, and a variety of protection insurance.
The app improves the experience even further by offering an increased savings reward, family location sharing, SOS warnings, and crash detection with 911 dispatch.
Age Group: No minimum age specified
Cost: $4.99–$14.98
Availability: Google Play Store and Apple App Store, Amazon App Store
Early personal finance education will help you produce savvy, financially responsible adults. Any software that fits your needs can be chosen. The goal is for kids to indulge in financial practices.
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