Math for Money

Rating Math for Money - 5 out of 5 - Best Rating 5.0

  • Android, iPhone
  • Free
  • age 7+
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About Math for Money

MathforMoney is a money tracking app for kids and parents. Parents define a rate of pocket money and interest, then kids complete maths challenges set by the app to earn their pocket money. No money is ever transferred to or from the app; it works purely to track what kids have saved from the money promised to them by their parents and incentivise them to earn it.

MathforMoney is available on Android and iOS devices as a free download. It is designed for phone-sized devices but will work on iPads. A one-month free trial is followed by a monthly subscription to keep using the app.

Math for Money Review

What is MathforMoney app?

MathforMoney is built around a few principles that may resonate with you:

  • Good financial sense goes hand-in-hand with a good level of numeracy.
  • Paying children for chores creates an expectation of reward for contributing to family life.
  • Rewarding learning will develop a healthier attitude.

In support of these principles, MathforMoney offers a way for parents to reward kids' learning and for kids to track these rewards. The app never handles any money. Instead, it lets parents act as a bank for their kids by paying them pocket money, setting an interest rate, and recording withdrawals. Kids only earn their pocket money if they complete the maths challenges in the app.

For parents: this app keeps a record of what they owe their kids for completing their maths challenges. It also allows them to set an interest rate to encourage saving over spending.

For kids: this app lets them set savings targets, complete maths challenges to earn their pocket money, and earn badges to reward their progress in both aspects.

What we love about MathforMoney.

MathforMoney gives kids responsibility. This is apparent from the start, where they are the ones who download the app and invite parents to link to it.

The app makes the associated service easy to understand. It guides kids through the math challenges they must complete and provides well-considered support for their financial education and savings goals.

What skills does it improve?

The app encourages children to practise general math skills while introducing kids to financial discipline and the idea of interest rates on savings.

What age is it appropriate for?

The challenges in MathforMoney cover levels of math suitable for kids between the ages of 6 and 14.

Is MathforMoney easy to use?

The MathforMoney app for kids and the web-based dashboard for parents are clear and well laid out. Clutter and complications are avoided by sticking to genuinely useful and understandable features.

How will students benefit?

On the financial side, MathforMoney introduces kids to concepts that it is beneficial for them to understand. For example, parents can set an interest rate on kid's savings to incentivise it and introduce them to this vital aspect of personal finances.

The app also lets kids set targets for their savings and encourages them to stick to their goals through competition with friends who also use the app. A nice touch is that kids can upload a photo as a visual reminder of their target as well as stating their savings goals and purposes.

How will teachers benefit?

MathforMoney's design does not suit use in the classroom, but teachers will be pleased to hear of their kids undertaking extra math work. Many schools also offer some financial education, so having this supported by parents will reinforce this learning.

How will parents benefit?

MathforMoney's different perspective on how children should earn their pocket money is an excellent alternative to other apps, which promote the more traditional payment-for-chores rewards. Ultimately, which parents prefer will depend on their point of view, but they should certainly keep an open mind.

In practical terms, the app is easy for parents to use and creates an easy dialogue between parents and children. Adults can keep an eye on both kids' money and their progress in math as the app has a reporting facility that parents can access through their web-based dashboard.

If kids are especially good at saving, parents should keep the money they owe their kids aside as they might find themselves with a financial surprise at some point, which would undermine their kid's efforts.

What can MathforMoney improve on?

The majority of MathforMoney's app looks great, but it is let down a little on the multiple-choice quiz, which is not as polished as the rest of the app. The screen's edge partially clips the enter answer button on some questions, and the presentation could do with some extra variety in its format and interaction.

As MathforMoney's driving philosophy is one of financial education, a more active role in this would be welcome. A guide to financial terms and an overview of responsible personal finance would fit in nicely with the app and could form the basis for some of its challenges.

At the time of review, MathForMoney only explicitly supports U.S. Dollars and Brazillian Reals. This is not insurmountable for people in different regions as it only really impacts formatting — remember that the app never handles actual money.

How much does MathforMoney cost?

MathforMoney is free to download. Kids start this process by getting the app and inviting their parents. The first month is free, but adults will need to pay a monthly subscription to continue the service. Parents with more than one child will need to pay for this subscription per child.

Is MathforMoney safe to use?

MathforMoney does not handle money, so the cash tracked by it is never at risk. There are no advertisements or in-app purchases (except for the subscription). Kids are encouraged by the app to recommend it to their friends by sharing a code. Kids can choose how to share this code either in physical form or through any messaging apps on their device.

Overall rating of the app.

MathforMoney is an app of two parts.

Firstly there is the financial education and management part. This section works very well and looks great. It is intuitive to use, and its design and features are ideal for tracking kids' pocket money, encouraging them to save, and teaching them financial responsibility.

Secondly, there is the maths practice section. This aspect is essentially a multiple choice maths quiz. It is not quite as polished as the rest of the app and is not much different from many other apps that use this mechanic.

Together, these two parts make a compelling app that the Educational App Store recommends. Kids will get into good financial habits, learn how to keep their finances organised, and practice extra math. What's not to like? MathforMoney is awarded five stars.

App Details

Ratings

Devices

Android, iPhone

Price

Free

Skills

Life Skills
Academic Relevance

Safeguarding

In-App Purchases - No

In-App Advertising - No

Publisher

PocketJam

Download Math for Money

You can download Math for Money on your iOS or Android devices from the app stores. Download the Math for Money app from the Apple App Store or the Google Play Store.

Download Math for Moneyfor Android Download Math for Moneyfor iOS

Screenshots of Math for Money

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