Bankaroo is a total family affair, an idea dreamed up by 11 year-old Dani with support from his parents in the tech and marketing. Bankaroo is a virtual bank where your kids can practice saving and spending (fake) money by tracking payments, setting up direct deposits and a bunch of other things you can do at a real bank.
You can download the mobile app on the Google Play and Apple stores, or login to the web browser version. It can even be used offline! Bankaroo is free to use, but there is also a paid subscription that includes some extra functionality.
If your kids are ready to play around with their own money, then RoosterMoney will be a good fit for you. On the surface RoosterMoney is a way for youngsters to keep track of their pocket money, but the progression of features based on age and experience helps build smart money habits for life.
The RoosterMoney app is free to download on Google Play and Apple stores, and is available for your Amazon products too. There is a paid subscription for premium features, where one monthly payment covers the whole family.
Piggybanks, but make it 21st century. PiggyBot is a digital piggybank where kids can save up to buy something special, and it’s an easy way to record allowance spending. They can open virtual bank accounts and protect them with a PIN. They can even post pictures to track their progress towards the big purchase.
Currently PiggyBot is only available for iOS devices, but it is completely free to use.
For the young ones in your life that like video games, AdVenture Capitalist will provide both a fun gaming experience and an intro to being an investor. Starting off with a single lemonade stand, kids can hire employees, acquire other companies and even attract angel investors as their success grows.
This is just a small snapshot of the apps available to start improving your kids’ financial literacy. Have a search around and see what options work for you and your family. Don’t forget to check out all of the websites, videos and podcasts out there too!
Chloe is PocketSmith’s Content Marketing Specialist, and she loves that she gets to combine her love of telling stories and technology. In the office, she’s drafting a pun-filled post or debating emojis. Outside of the office, she’s collecting comic books, listening to music and suffering through Bulgarian split squats at the gym.