Parents and guardians have continued to embrace the idea of teaching children basic financial literacy skills before they mature. One of the most practical and effective methods helping in this regard is the use of mobile apps. Below are some of these financial literacy apps.
Kids Money is a savings budget app. Using this app, children are allowed to set savings goals, such as getting a new bike, and enter how much they plan to contribute towards it. The app then shows them the time frame it will take to save for that goal. This app teaches children the process of planning and expenditure. Kids Money is free on iPhone, iPad and iPod Touch.
This app is designed for children between the ages of 6 to 11.This app puts children into a race to see who can save the most money within the time limit. Children earn ‘buggie bucks’ to apply towards savings and investment decisions. The app is free for both iOS and Android devices.
This app capitalises on children’s interest in their favourite celebrities. The app puts kids in charge of managing their finances to avoid overspending. Players must keep their celebrity on a budget, but also keep them happy. By extension, kids learn the importance (and challenge) of living within their means, as well as the consequences of overspending.
P2K is specifically geared towards simple financial needs for children. It teaches children to keep track of income like an allowance or payments for doing chores. It also offers cute motivational features such as the ability to include photos of wish list items and an option to view a history of purchases and decide whether they were worth the cost or not.
This app teaches children how different lifestyle choices in their daily lives can add up to either big savings or big expenses. Your child can earn, spend, donate, or invest “money” in a variety of scenarios, which are presented in a game show format for added interest. Along with teaching the basics, this app will even present your little one with the harsh reality of those unexpected expenses that necessitate an emergency fund.
FamZoo Family Finance
This app can be used by the entire family to track chores, handle reimbursements, etc. Each member of your family is issued a card that is linked together in the app. In the “Family Bank,” the parents serve as the bankers while the kids are the customers. Then you get to track your everyday financial flow. No matter how you do it, you’ll be learning the rules of money together.
Apps listed above should provide children with much needed financial literacy.