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Barakah Malaysia Group

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Michael Lewis
Michael Lewis

GoHenry Launches New Financial Literacy Tool Fo...

A pioneer in financial literacy for 6-18-year-olds, GoHenry is a financial education app and prepaid debit card with in-app, gamified money lessons designed to teach kids and teens how to be smart with money from a young age.Launched in 2012, GoHenry helps young people learn about money by empowering them with essential money management skills tailored to their age that they can put into practice in a safe environment - all with parental oversight.

GoHenry launches new financial literacy tool fo...

A pioneer in its field, GoHenry is already transformational in helping children and teens manage their money and most recently introduced Money Missions, which are in-app gamified money lessons designed to promote better financial literacy, making it the only financial education app that delivers the theory (Money Missions) and the practice (app and card) in one package.

A pioneer in financial literacy for 6-18-year-olds, GoHenry is a financial education app and prepaid debit card with in-app, gamified money lessons designed to teach kids and teens how to be smart with money from a young age.

Research suggests that the UK has one of the lowest levels of financial literacy in the world, and the Financial Times reported that Britons between the ages of 16 and 24 are the least likely generation to be financially literate.

With only 17 states in the U.S. mandating financial literacy, Brauer said, there is an opportunity for companies to not only collaborate with schools, but also to drive education by forming relationships with users and potential users.

Engagement through gamification: Nearly all youth- and teen-focused banking apps offer some type of financial literacy program. The main approach to these programs is gamifying the learning process. Users are often monetarily rewarded for completing a task like saving or investing, or they play games and level up to learn new financial information.

Kids' prepaid cards usually come with a monthly or annual fee, but will offer a lot of features focused on financial literacy, along with chores and allowance features. Another perk of prepaid cards is that they cannot be overdrawn, so kids and parents can avoid overdraft fees.

A debit card is a useful tool to introduce and teach children about developing good financial habits and managing finances. A debit card provides the opportunity to learn about budgeting, spending, and how electronic/digital transactions take place. When to give a child is a personal decision and should factor in the maturity level of the child.

The important thing for parents to realize is that children develop skills in a layered fashion across all areas of their lives. Identifying letters and sounds provides a foundation for reading. Basic physical activities such as running, throwing, and catching can prepare children to do well later in sports. Similarly, these basic money management lessons provide a stepping stone for developing financial literacy and making more informed decisions later in life.

But these trends do not necessarily conflict with the importance of teaching children how to earn, save, and spend money. Debit cards have a legitimate role to play in helping kids develop good financial habits. Indeed, there are a range of debit card products and complementary apps designed to help kids earn money through chores, spend appropriately, and establish savings goals. These programs are quickly replacing yesterday\'s \\"piggy banks,\\" which may make adults wistful about a bygone era. But the highly interactive tools now available for children are an important learning resource.

GoHenry is a London and New York-based fintech company that pioneered the youth fintech and financial education category. We are on a mission to make every kid smart with money and to delight our community of 2 million parents, kids, and teens with innovative, market-leading tools to help parents raise financially healthy kids.

GoHenry offers a debit card and app for kids and teens and companion apps for the family, with in-app tools for sending money, automating allowance, managing chores, setting savings goals, giving to charity, and in-app financial education lessons where kids can watch videos, take quizzes and earn points & badges. This is all designed to help kids and teens build good money habits that will last a lifetime.

The proliferation of mobile apps in financial services continues to transform the way consumers take care of their banking needs, with new apps for Gen Z customers, tools for credit union members to manage bitcoin trading and the reemergence of the Google Wallet among the latest developments.

Yet, with 60% of children still leaving school without any money management skills and parents not always having the confidence or tools to teach it from scratch themselves, there is a big financial literacy gap to fill.

What they do: Fundall is a fintech platform providing individuals and businesses with investment tools. The app offers spending analytics to inform users of their financial habits. According to the startup, there are over 14,000 active users currently using Fundall.

What they do: Toast helps restaurants manage their finances. Toast's financial product offerings include point-of-sale systems, email marketing software and payroll management tools. Toast is preparing for an IPO in the coming months at a $20 billion valuation.

The breadth and depth of options becoming available presents huge opportunities to equip minors with the tools necessary to become more educated around their finances, something that many Americans can use, especially in the current state of the country. Educating and empowering the next generation should create a more financially responsible population for years to come.

The app, which is called gohenry and expanded to the U.S. in April, is part of a wave of digital money apps combined with prepaid cards for kids as young as 6 years old that parents have access to. They are powerful new money management and savings tools that replace old-fashioned piggy banks and account passbooks. Some say they can help enhance financial literacy even as the growth of cashless payments upends traditional notions of money.

Ultimately, we are a group of uniquely brilliant individuals that want to give our all to make every kid smart with money. We are united by a passion to use our individual skills to make a difference in the world by improving the financial literacy of the next generation. And that motivates us.

Luckily, debit cards for kids can help your children learn the ins and outs of financial literacy. These cards can teach your kids financially healthy habits that will serve them for the rest of their lives.

By the time your child reaches high school, he or she should be capable of understanding more sophisticated money management concepts and have a level of financial literacy that includes knowledge of earning, saving, spending and sharing at the very least.

The Greenlight debit card is a good choice for parents looking to teach their kids the importance of saving money and making prudent financial decisions. This financial product can be an effective learning tool for helping kids to understand why saving should be a priority and how to simplify paying an allowance or tracking chores.

However, FamZoo rates as our top education choice because of its robust financial education library. Many of the functions have financial literacy in mind, too. For instance, payment checklists teach kids the value of a dollar by tying chores and odd jobs to rewards and penalties.

The app also allows parents and guardians to share money with their kids while teaching them valuable financial literacy skills. Jassby offers up courses, videos, games, and more. This all feeds a proprietary Jassby Financial Literacy score that reflects their progress, and kids are rewarded with points as they learn. 041b061a72


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