We believe that teaching kids how to manage money from a young age is one of the most valuable lessons a child can learn. In today’s digital world, where financial transactions are often made with the tap of a button, it’s important for children to develop good financial habits early on. Thankfully, there are numerous apps available that can help children understand the basics of money management in a fun, interactive way. From learning how to save, earn, and budget, to understanding the more advanced concepts of investing, these apps offer a wealth of knowledge for children of all ages.
In this guide, we’ll explore the top apps that help kids learn how to manage money, making them ideal tools for parents and educators at The Kids Point to introduce young learners to the world of finance.
Starling Kite (Ages 6-15)
Overview:
Starling Kite is a fantastic app for kids aged 6 to 15, provided by Starling Bank. This app helps kids develop financial literacy in a safe, controlled environment. Kite is built into the parent’s existing Starling account, giving parents full oversight over their child’s spending while allowing the child to practice money management.
Key Features:
- Kid-Friendly Debit Card: With Kite, children get their own debit card, which is made from recycled plastic. Parents can load money onto the card and set rules about where and how it can be used.
- Savings Incentives: One of the standout features is the ability to earn interest on savings, with children receiving 3.25% on balances up to £5,000. This helps motivate kids to save and understand the concept of interest.
- Parental Control: Parents can monitor their child’s spending, lock the card if lost, and set tasks like completing chores to earn pocket money.
- No Fees: The app is free to use, and there are no fees for withdrawing cash from ATMs or topping up the card.
Why It’s Great for Kids:
Starling Kite offers an excellent blend of freedom and control. Kids get to use a real debit card, making them feel like adults while parents keep an eye on spending. The savings interest feature is a great way to introduce kids to the idea of growing their money.
GoHenry (Ages 6-18)
Overview:
GoHenry is a widely used app designed to teach children aged 6 to 18 about money management through prepaid debit cards. The app offers a variety of features, including the ability to set allowances, track spending, and even encourage saving.
Key Features:
- Parental Controls: Parents can top up their child’s account and apply spending limits on their debit card. Notifications are sent whenever the child spends money, which helps parents stay informed.
- Money Missions: GoHenry has a feature called “Money Missions,” which allows kids to complete tasks, like chores, in exchange for money. These missions help kids understand the relationship between work and earning money.
- Personalized Debit Cards: Kids can design their own biodegradable debit cards with a range of fun designs, which makes the experience more personal and exciting.
- Junior ISA: For older kids, GoHenry offers a Junior ISA option, helping children learn about investing and saving for the future.
Pricing:
GoHenry operates on a subscription model, costing £3.99 per month for basic features or £5.99 per month for more advanced features, including interest on savings and unlimited top-ups.
Why It’s Great for Kids:
GoHenry combines education with real-life financial tools, allowing kids to learn about earning, saving, and spending. The card itself is a great introduction to digital payments, while Money Missions motivate kids to earn their money through responsible behavior.
Natwest Rooster Money (Ages 6-18)
Overview:
Natwest Rooster Money is another excellent option for parents who want to give their children the tools to manage money. The app is designed for children aged 6 to 18 and offers a simple, easy-to-use platform for learning how to save, spend, and track pocket money.
Key Features:
- Task-Based Earning: Just like GoHenry, Rooster Money lets parents set tasks for kids to complete in exchange for money. These tasks help children connect chores with the reward of earning money.
- Visual Savings: One of the app’s standout features is the ability to visualize savings goals. Kids can add pictures of the items they’re saving for, helping them stay motivated to reach their financial targets.
- Prepaid Cards: Children aged 8 and above can use a prepaid card, which parents can load with money. This allows kids to make purchases while parents keep track of where and how their money is being spent.
- Free and Paid Plans: Rooster Money offers a free version with basic features and a paid version (Rooster Plus) for £1.99 per month, which includes a prepaid card and other advanced features like spending categories and parental controls.
Why It’s Great for Kids:
Rooster Money is perfect for younger kids who need visual tools to track their savings and spending. The ability to set and monitor goals with images makes the process of saving tangible and fun. The prepaid card provides older kids with hands-on experience of spending responsibly.
Beanstalk (Ages 6-18)
Overview:
Beanstalk offers a more advanced, investment-based approach to teaching kids about money. This app is designed for families who want to start saving and investing for their children’s future, while also teaching them about financial planning.
Key Features:
- Junior ISA: Beanstalk’s core feature is the Junior ISA, a tax-free savings account that lets parents and family members invest in stocks and shares on behalf of the child. This app introduces kids to the world of investing.
- Flexible Contributions: There are no minimum amounts for contributions, meaning anyone (parents, grandparents, or other relatives) can add to the account. It allows for little and often contributions, helping kids start building wealth from a young age.
- Kid-Friendly Interface: While Beanstalk is primarily focused on savings and investments, it also has tools to engage kids in the process, allowing them to track their investments and learn about the growth of their money.
- Cashback Integration: Users can link their Beanstalk account with Kidstart, earning cashback from purchases that automatically contribute to their child’s savings.
Why It’s Great for Kids:
Beanstalk provides an excellent introduction to investing for older children, especially as they start thinking about their long-term financial goals. The app also emphasizes the importance of building wealth over time, teaching kids that saving and investing are crucial to financial success.
My Piggy Bank (Ages 3-7)
Overview:
For younger children, My Piggy Bank is an excellent app to help them understand the concept of money in a simple, fun way. Aimed at preschoolers and early elementary school children, the app is a great starting point for teaching basic money concepts.
Key Features:
- Coin Sorting: Kids can sort and identify different types of coins, learning their values and names. The app also helps them practice skip counting, which is a great foundation for later math skills.
- Visual Learning: The interface uses bright colors and engaging animations to help kids associate money with fun, making it more appealing to young learners.
- No Reading Required: My Piggy Bank is perfect for younger children who are still learning to read. It uses intuitive icons and simple actions to guide kids through the lessons.
Why It’s Great for Kids:
This app is perfect for introducing young children to the basic concepts of money. The easy-to-use interface and fun visuals make it both engaging and educational for preschoolers and early elementary school students.
Motion Math: Pizza! (Ages 7-12)
Overview:
For children who are slightly older, Motion Math offers a fun and interactive way to learn about money management through entrepreneurship. In Motion Math: Pizza!, kids run their own pizza shop, learning about budgeting, pricing, and customer service.
Key Features:
- Entrepreneurship Focus: Children are responsible for running a pizza business, from sourcing ingredients to setting prices and delivering orders. They learn about the costs involved in running a business and how to make smart financial decisions.
- Math Skills Integration: The game helps kids practice math skills like addition, subtraction, multiplication, and division through real-world scenarios. For example, they may need to calculate costs or determine profit margins.
- Interactive Gameplay: The game is full of fun challenges and problem-solving situations that make learning about money feel like a real business venture.
Why It’s Great for Kids:
Motion Math is perfect for kids who are interested in entrepreneurship or want a more hands-on approach to learning about money. It teaches financial concepts in a fun, interactive way that encourages critical thinking and decision-making.
Incorporating financial education into your child’s routine is one of the best gifts you can give them, and the apps mentioned above provide great ways for children to learn the essential skills of managing money. Whether it’s budgeting, saving, earning, or even investing, apps like Starling Kite, GoHenry, and Natwest Rooster Money are excellent tools for helping children understand money management in a digital world. For older kids, apps like Beanstalk and Motion Math: Pizza! offer more advanced lessons on saving and entrepreneurship.
At The Kids Point, we believe that financial literacy is key to empowering the next generation to make informed decisions about their money. By introducing these apps to your child, you can help them build a solid foundation in managing finances that will benefit them for years to come.