The idea is simple: teach kids about money so they can be financially literate throughout adulthood.
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In fact, Gen Z is already surpassing the millennial generation when it comes to financial literacy.
These apps are truly a family affair which makes them especially useful to educate kids under 12.
This virtual piggy bank is especially good for younger kids learning the value of real money.
Older teens might bristle at the amount of parent supervision.
Time for a savings spree!
They also offer Uber discounts and other perks that benefit kids and parents.
Additionally, parents can also incentivize their kids behavior with bonuses.
For some parents, their own financial literacy increases as they teach kids.
With Streak, teens can earn Streak Coins that can be exchanged for cool rewards.
For example, your child might want to invest in brands they know like Disney.
The app allows kids to set savings goals and receive automatic allowance deposits linked to chore lists.
With Greenlight Max, kids can also use the app to invest in stocks with parent approval.
They can buy fractional shares for as little as $1, decreasing the barrier to entry.
All trades must be approved by the parent linked to the account.
The prices vary by plan, so parents can decide which features they want to take advantage of.
Bankaroo for Families allows parents to manage their kids accounts and schedule allowances.
Bankaroo for Schools provides an online portal for educators to teach math and finance.
It also allows them to create virtual point systems for students to reward good behavior and provide accountability.
It is becoming easier and easier to find a financial app thats suitable no matter a childs age.
New York contributor Kiara Taylor specializes in financial literacy and financial technology subjects.
It sounds appealing right?
Check it out here!