June 14, 2022

The 6 Best Financial Apps to Help Teens Learn About Money


Teens know how much money they want to spend on the items they want, but not so well at understanding the nuances of finance, such as how to earn, save, invest, and plan for the future. According to Youth.Gov, 18% of 15-year-olds in the United States had not learned essential everyday financial skills, such as budgeting, shopping around, or understanding an invoice. Additionally, one in five American teens lack basic financial literacy skills, according to the National Endowment for Financial Education.

Related: 10 Most Promising Careers For Gen Z Workers
See: Surprising ways for millennials and millennials are financially different

However, in the digital age, where many teens have a smartphone or tablet, there are plenty of apps that allow them to learn about money, save, invest and more, in just a few minutes. clicks from an app and a parent. surveillance. Here are the six best financial apps for teens.

Savings frenzy

Savings Spree is a fun way to learn how to save money by making it a game. While you can start kids on this app as early as 7 years old, older kids and teens will benefit too. Play teaches children to make everyday lifestyle choices that save money based on the way they play. It teaches them how to save money for short-term goals, such as buying a game or toy, but also how to spend sparingly, give money and invest money. money to grow it towards long term goals such as a college education. The game works with most iPads and iPhones.

Cost: One-time fee of $ 5.99

See: Gen Z teens surpass previous generations in financial literacy

FamZoo family finances

FamZoo is an app designed to hold older kids accountable for their actual spending by teaching them how finances work, how to budget, and of course, how to save money.

With this app, the teenager receives a card linked to the app and the parents act as bankers, which enables healthy financial communication within the family. It is a good app for young teens who are just starting to learn how to manage their finances because all transactions are recorded and parents monitor everything. It also includes other features, such as learning about credit card debt prevention, tracking tasks and jobs, shopping online, and handling money requests between family members. . It is available for iOS and Android and is aimed at children 13 and older.

Cost: $ 5.99 / month. You can sign up for a one month free trial.

Recent news: Teen budgeting app gets $ 100 million investment from Will Smith and Jared Leto

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Step is an app that acts like a bank, with FDIC insured accounts. Although they have debit cards to access funds, teens cannot over-withdraw their accounts and their cards are protected by Visa’s fraud protection and Zero Liability Guarantee.

Parents can send money directly to the card, and teens can even set up direct deposit if they receive a paycheck from a job. What makes this app more than just a banking app is that it helps your teen build credit just like a regular credit card without the risk of debt.

Cost: To free

Following: Teens Invest Their Money In Stocks And Crypto… What Basic Investing Principles Can Parents Use To Guide Them?

Hideout

If your kids are ready to take it to the next level beyond just budgeting and saving, Stash is your opportunity to teach teens how to invest through custody accounts. The money invested in the Stash Account can be used to buy fractions of company shares, helping teens build long-term wealth.

Once the teen turns 18, they can access the money saved in their Stash account to pay for education or other life goals.

Cost: Starting at $ 4.99 / month. One month free trial.

Green light

Greenlight is an investment app with parental controls, allowing parents to decide where and how much money their teens can spend. Teens can receive the Greenlight Debit Card, which also teaches them basic money management skills, such as saving, budgeting, and prioritizing spending. Teens can request money from their parents through the app and also add the funds they earn to the card. All data is encrypted, making it safe for teenagers.

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Cost: $ 4.99 / month

To find: How To Make Money As A Teenager In 2021 – 22 Best Gigs

Tassels

Acorns is another investing app specifically designed for minors and young adults, but it has a compelling twist. Whenever teens use a linked debit or credit card to make purchases, Acorns rounds up the difference and invests it for the user. For example, suppose you buy a cup of coffee for $ 2.60 on a linked credit card, Acorns will round the purchase to $ 3.00 and invest the difference by $ 0.40. For students with an .edu email address, or under the age of 24, there is no additional charge beyond the monthly fee.

Cost: Acorns Lite: $ 1 / month, Acorns Personal: $ 3 / month, Acorns Family: $ 5 / month

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About the Author

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a BA from Sonoma State University and an MA from Bennington College. His articles and essays on finance and other topics have appeared in a wide range of publications and clients including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for many business customers. As someone who has had to learn a lot of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and how to make a living. a better quality of life.