Financial Apps for Kids and Teens
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. Plus, these apps can be connected directly to your checking account for ease of use.
Financial Apps for Money Management for Kids/Teens
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
- 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.
- FamZoo – $5.99 per month
- FamZoo is a financial app for kids and teens that comes with a prepaid debit card allowing parental control over your child’s finances. This financial app is great for families with multiple kids, as you pay one price no matter how many kids use the app. It offers allowance management, plus unique aspects like parent-paid interest and IOUs for when parents make purchases on their kids’ behalf.
- BusyKid – $4.00 per month
- This financial app for kids serves as a great allowance management tool, teaching kids the connection between hard work and reward. Like other apps of its kind, BusyKid also offers a prepaid debit card, giving kids financial freedom under the watchful eye of their parents. This app is best for tracking chores, but also gives options for investments and other financial education components.
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.
