Best Finance Education Apps

Best Finance Education Apps

Let’s face it. The financial literacy of most adults is severely lacking. This is understandable, considering that financial literacy is not taught in any significant way in schools and that we are expected to figure it out as soon as we start working in the “real world.” So, when we will be speaking about financial literacy for kids, many adults need to find a way to do their own work. 

Learning about finances is important for children for a number of reasons. Yes, it gives them more understanding about financial matters before they technically need it. But perhaps more importantly is that it teaches them how to relate to money in a healthy way. A way that does not treat money as the be-all-and-end-all, while acknowledging the emotional impact their family’s finances have on them. 

Financial literacy is therefore important for children whether from wealthy families or families that are struggling with money. It gives them a greater sense of control in their own lives, even as they cannot change their parents’ financial reality. 

Why we did not include any apps that enable you to risk money in any way? 

For adults, stock trading apps can actually be very educational. You can see this broker apps list by MillionDollarJourney to find out more. Of course, it is crucial that you do not introduce these types of apps to children, even if you only give them access to demo accounts. Without a proper understanding of the role of money in adult life, trading apps may give a false sense of the ability to “get rich quick.” 

Your children can learn financial literacy from a number of excellent apps in 2024. Try the following best financial education apps for kids.

1. Savings Spree

Teaching kids to save has never been easier (or more fun). Savings Spree gives kids the choice between spending their allocated virtual money on necessities or luxuries. The app demonstrates how even seemingly small expenses that are not strictly necessary can add up over time. 

Savings Spree can be used by kids age 7 and up, but it is more easily understood by those a little older. What’s great about this app is that it does not catastrophize the prospect of unnecessary spending, even as it demonstrates the consequences. 

Download Savings Spree

2. PiggyBot

Did you have a piggy bank growing up? For us, it was a staple of our early money management learning. However, in a cashless age, the traditional piggy bank is somewhat useless. 

Enter PiggyBot, a virtual piggy bank for kids from ages 6 to 8. It teaches children about savings in the same way that the good old piggy bank would, with easy tracking of how much they have left in their bank from their allowance. 

Download PiggyBot

3. GoHenry

gohenry is another digital money tracking app, but it can be used by kids from ages 6 all the way up to age 18. You can pay your kids’ allowances directly to gohenry, and it functions as a card for them to use – according to your settings. In other words, they can only use it in the types of stores you allow. 

4. Celebrity Calamity

One of the sources of poor financial literacy in modern children is celebrity culture. Celebrities are seen to be spending millions on luxuries, whether a dress that they will wear once or a fifth car to add to their collection. Celebrity Calamity takes celebrity culture and makes a game of it. 

With Celebrity Calamity, your kids have to decide on how to keep famous celebrities from using all their money in an unwise way, teaching kids the virtues of living within your means. 

Download Celebrity Calamity

5. Bankaroo

The great thing about Bankaroo, which is useful for kids from ages 7 up, is that it was created by an 11 year old, Dani. Dani could not find a good money management app for kids his age, so he decided to create one himself with the help of his family. 

Bankaroo is a virtual bank for children that does not require an actual bank account. It can be used to set goals, track savings, and spend money responsibly. 

Download Bankaroo

6. Flocabulary

Flocabulary is not specifically a finance-learning app. Rather, it provides music videos teaching kids about all kinds of subjects that they learn in school and that they need to learn at home. Take a look at Flocabulary to see what their financial literacy videos offer, as well as all the other worthy subjects.

7. Star Banks Adventure

In Star Banks Adventure, kids need to make responsible financial decisions in order to save the planet of Polaria from financial ruin. Star Banks Adventure combines science-fiction and economics to create a fun app that promotes the learning of financial literacy habits. 

Download Star Banks Adventure

8. The Game of Life

The Game of Life is an app that replicates the first American board game. It takes players through the whole process of a life, learning about how to move from school to college and so on. Players need to make decisions that simulate real life scenarios that they will have to eventually face. 

Download The Game of Life

9. iAllowance

iAllowance is another excellent app that simulates a bank account for kids to keep their allowances in. They can complete chores in order to earn money that you have set aside for them, learning the value of work and saving at the same time. iAllowance makes saving fun and is also a great way for parents to turn allowances into educational opportunities. 

Download iAllowance

10. FamZoo

FamZoo is a great app for older kids ages 13 and over to learn about savings. It gives them the opportunity to take responsibility for their spending, as well as their savings. They learn about money as well as what it means in the context of living a financially healthy life. 

Financial literacy should be taught from a young age. The above apps give parents the opportunity to teach their kids about money management in fun ways.

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