I urge everyone to start teaching their children to be financially responsible while they are young. I do this not just as a financial advisor, but also a mother. I have raised two millennials and believe they got lucky having parents in the financial world. In today’s financial world a huge focus on millennials is evolving. There are 82 million millennials. Five million of them are millionaires. But, only 22% of them meet with financial advisors. Many millennials do not know much about finances. I believe this lack of knowledge can be traced to early childhood. Schools did not teach financial education, and still do not. The coming generation, the “Edge generation” is growing daily but I would imagine a lack of financial savvy will plague them as well.
I talk about these two primary generations because they are the technology generations. They have experienced the evolution of Apple from a desktop computer all the way to an I-phone six. They stay up-to-date on every change happening in technology and pop culture. With this new standard the financial world is taking to apps in a new way to interact with children.
This is no surprise!
The financial apps below are great ways to teach young people about money management in a fun and unique way. Check them out! I hope you find them useful for all ages.
Green$treets: Unleash the Loot! This app was designed by the creator of “Shrek”. In it your children are introduced to essential money and math skills like setting goals, budgeting, earning money, saving and spending, and decision making. Parents are involved in the app by sending notifications on their child’s progress and they can send messages of encouragement or further insight to their kids with in the game. It is for ages 5-8.
Thrive ‘n’ Shine allows kids to create an avatar and then travel through a digital life making crucial financial decisions. Some of these decisions are saving for a home, dealing with financial disasters and managing student loans. The app states that, “students have played the game for 40 hours or more in their free time”. It is for ages 12 and up.
Mint connects securely to all checking, savings and credit card accounts, as well as investments and loans, to track ad categorize all income and expenses, respectively. It is for high school and college kids who may already have a job and regular expenses. It is easy to use and does all the labeling and organizing for the user, so it’s easy to see exactly where your money is going at a glance. It is also great for parents. Ages 15 and up.
Savings Spree has simple lessons highlighting savings, spending, donating, and investing. it teaches kids how money can pile up, or dwindle away, depending on the little choices you make. kids discover how money impacts themselves and others by enabling them to set budgets and savings goals. The app was also winner of the parents’ Choice Gold Award. Ages 7 and up.
P2K Money is a simple, but functional tool in which children track their actual allowance. Kids can also set a “wish list” of items they would like to buy, so over time they see how gradual savings can add up allowing them to acquire those items. Parents can also set up further incentives for kids to earn additional funds by completing chores. All ages.
These financial apps provide a easy, engaging, and fun educational experience for children. Finding new fun ways to teach your children about finance and starting while they are young is an amazing Financial Strategy For Life!