Teaching children how to handle money is one of life’s essential skills. But in a world of smartphones and tablets, it’s no longer about shiny coins that can be deposited in a piggy bank. Instead, there is a wealth of money apps for kids available to help your children learn about their personal finances.
Here are our top five money management apps for kids.
1. RoosterMoney
This is one that I use with my own children. RoosterMoney is a free pocket money tracking app that lets you give your child a regular allowance, as well as top-ups for chores or special achievements. For younger children, it acts as a virtual balance where they can see how much they have.
Once they turn six, there is the option to include a prepaid card. This carries a fee of £24.99 a year (£2.08 a month), but RoosterMoney offers a one-month trial.
Parental controls within the app allow you to control how much they spend, and where they spend it.
Meanwhile, the ‘Plus’ version of the money app links chores to your child’s allowance. You can also choose to award interest on savings. This version is £14.99 a year and includes a one-month free trial.
2. gohenry
If you are looking for money apps for kids that include using a card, then gohenry is one to check out.
It’s a prepaid card and app that gives you parental controls but also gives kids the freedom to learn about money. With gohenry, you can set up weekly pocket money transfers, as well as spending limits and saving goals.
The card carries a fee of £2.99 a month. And if your child wants to customise their card (there are some pretty cool designs), then there is an additional charge of £4.99.
3. iAllowance
This money app for kids is designed to help children ‘earn’ their pocket money. iAllowance runs as a ‘virtual’ bank. This means it is simply used to track money and any payments made outside the app.
It costs £2.99 to download the app and there is no ongoing charge. iAllowance allows parents to set chores and tasks so that children can earn pocket money. It can be synced across various devices, and you can virtually nudge your little darling to encourage them to finish their tasks.
4. Gimi
Much like other money apps for kids, Gimi is designed to help parents and children keep track of their allowance and chores.
It also aims to educate children on finances. There are three sets of lessons within the app that you can work through with your child. These are themed around earning, saving and spending.
The app itself is free. And while Gimi does have a prepaid card option, it is currently only available in Sweden.
5. Pigby’s Fair
If you are looking for a money app purely to teach younger children about saving and spending, then you may want to check out Pigby’s Fair.
Designed by NatWest and Aardman, the app is a game in which children can manage their own fairground stall, develop new stock and earn virtual money.
New levels and items can be unlocked along the way by children reaching their savings goals. Free to download, it’s a fun and engaging app that can help kids learn about money management.