Recommended article – The Richest Man in America
Despite what some may think about the education sector, here in the U.K we’re pretty good at educating our kids compared to most other countries across the world.
Of course, there’s always improvements that can be made anywhere, and accessibility and funding continues to be top of the agenda whenever this topic is brought up.
One area we do fall woefully short on is financial education in schools.
With a curriculum that’s growing ever larger, and increasing pressures being put on teachers to do more than just teach, some of the work needs to be picked up by parents.
But educating your kids on how to manage their money and how it works in the wider world has never been easier, and tools never more accessible for little or no cost.
Here are just five apps and sites that are dedicated to helping parents do just this…
The founder of GoHenry, Louise Hill, recently featured on Secret Leaders – a podcast I’ve mentioned a few times on this blog.
GoHenry was founded after some playground chat with two other dads with all three coming to a common consensus that they needed better visibility on what their kids were spending money on, while teaching them about how money works in the process.
Louise is now the sole owner of GoHenry, but it’s gone from strength to strength raising over £10million through crowdsourcing.
GoHenry has over 2 million members and offers a range of features for kids aged 6 – 18.
The main offering from GoHenry is their pre-paid debit card which comes at £2.99 a month with an initial 30 day free trial. This card can also be personalised with over 80 styles.
Included in the price is access to their library of financial education content and assets both for kids and parents all centred around establishing better money habits in their children.
Parents will also receive notifications to their phone whenever money is spent using the pre-paid card, and gives insights into how much is left, with no chance of going into an overdraft.
Blue Tree Savings
Will Rainey is the owner of Blue Tree Savings, a financial education hub for children and parents.
Coming from a corporate finance background, Will decided to pack it all in to focus on this new venture to help parents help their kids become financially savvy.
It’s not just his free to peruse blog which is stuffed full of all sorts of great pieces – from how to deal with your kids asking about how much you earn, to 10 year investment plans for children – but he’s also written a book called Grandpa’s Fortune Fables, teaching kids vital life lessons grandpa wished he’d known when he was younger. You can download the first two chapter for free!!!
And finally, Will also offers additional content through his courses for a one-off £12.50. Most of his content is available for free but this added extra ties everything together in a more visual format.
Will is also very active on LinkedIn and the other socials, and is very good at responding to comments so go check out his stuff on there too.
Similar to GoHenry, Nimbl offers a pre-paid card for your kids to safely use and offering insights into their spending (or saving) habits for parents.
For kids aged 6 – 18, parents can pay pocket money into the account easily through a linked parent account. Parents can link all their children under one account too so there’s no need for multiple log ins from their end and everything can be managed centrally through the app.
Parents are also able to set up spending limits and control where they can spend that money.
The designs are less fun than GoHenry, but comes out ever so slightly cheaper at £2.49 per month or £28 per year. You can get the first month free too.
One small thing to note is if you planning to let your kid use their Nimbl card abroad, there’s a £1.50 cash withdrawal fee, and a 2.95% transaction fee. It also costs £5 for card replacements whether lost, damaged or stolen.
Many banks are starting to introduce features around giving your kids some money freedoms.
I’m biased towards Starling Bank so I’ve chosen them for this list.
If you’re already with Starling, ‘Kite’ integrates with your existing account so you can have visibility on your child’s spending habits and send them money from your main account making the whole management process really easy.
This is specifically for kids aged 6 – 16, but they do have a teen bank account for 16 & 17 year olds.
This comes at £2 month, but also gives them their own version of the app to give them a sense of independence (despite complete visibility for parents).
Starling Kite also borrows features from their standard accounts, most notably the savings spaces. So they’ll be able to put money into little pots to save for their next want and learn that money doesn’t just magically appear from their parents. They can set themselves goals and see a visual percentage of how close they are to reaching their goals.
The card is cool, but it’s pretty standard so visually it’s less attractive than GoHenry or even Nimbl.
Saving the cheapest to last!
HyperJar offers a completely free pre-paid card for kids with many of the same features as the above, but all entirely for free.
Again, these can be managed through the main app, but also comes with the option of a dedicated kids app for their own device to make them feel more independent.
From what I’ve been reading, the parent will need to have a HyperJar account before setting up one for their kids but this is also free and comes with a range of interesting features. Most notably their ‘paid to plan’ feature. If you plan to spend money with one of their qualifying partners, you’ll receive 4.8% on whatever you spend. You just need to commit that money into a space (backed by the Bank of England), and once you spend it, you receive the interest bonus.