It’s never too early to teach kids the fundamentals of money management. And using apps for smartphones and tablets can make learning fun. Here are six widely recognized apps available to provide youth with the basics of financial literacy:
Bankaroo (5 – 14 years) – This bilingual (English/Spanish) app serves as a virtual bank for kids – helping users to manage their allowance, gifts and chore money without being tied to an actual bank account.
FamZoo (13+ years) – This app features a collection of prepaid cards for the family that are linked by the app where users can manage the family’s spending, saving, donations, allowances, chores, budgets, goals, loans and more.
Piggybot (4 – 6 years) – A parent-designed, kid-tested allowance app that helps kids spend, share and save in a smarter way.
Savings Spree (7+ years) – This app allows kids and teens to earn, spend, donate or invest imaginary money in a game show format.
The Game of Life (4+ years) – An e-version of the popular board game, players are encountered with critical life decisions where they may have to choose between investments such as paying for college or purchasing a home.
Visa Financial Football (4+ years) – An exciting NFL game puts players’ fiscal knowledge to the test by combining football game play with financial questions in a challenging and educational experience.
Teaching youth how to make smart decisions about money from an early age can help ensure they achieve a financially responsible future. In addition to using fun apps, simple and routine money conversations between parents and children can help foster their future financial success.