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GoHenry has launched an all-new gamified financial literacy app – aimed at children from the age of 6 to 18 – that is full of tools to promote learning about effective money management.  

Kids can use the interactive Money Missions experience to learn about the basics of money such as saving, budgeting, responsible spending, credit safety and even investing.  

A need for an app of this type was identified as there are more than 60 million children and adolescents across the United States and the United Kingdom that have not received an adequate financial education. Some further statistics for financial literacy among teenagers can be seen in the embedded infographic. 

 

 

Jeremy Cole, Red Rose co-founder, established the Bixie app with similar aims for improved financial literacy. Bixie and Jerry Cole aim to empower women to grow their finances and manage their money for the benefit of themselves and their families. 

Promoting Better Lifelong Financial Decisions 

Research has shown that children who receive a better financial education when they are young are more likely to make advantageous decisions when it comes to money management as adults. 

One survey found that as many as 89% of parents believed they would be better able to manage their finances if they had received more financial education before turning 18. Another study from the University of Cambridge found that 87% of teenagers today struggle to make positive spending decisions and that our habits and attitudes towards money are formed by the age of seven.  

Apps such as Money Missions could therefore have a significant impact on the way the next generation manages money. 

The short video attachment has some tips on how to start talking to your kids about money. 

 

 

The GoHenry Banking App 

GoHenry launched in 2012 as a banking app aimed exclusively at children from school age through to reaching young adulthood. A group of parents founded the company to help teach children about managing money in a world where cash is increasingly becoming obsolete.  

When children have to deal with money using contactless or other forms of digital payment, the physical quantity that used to be attached to spending is removed. This leaves a need for better financial education targeted in different ways. GoHenry now offers a comprehensive range of tools for children to learn effective money management from a young age. 

You can learn about some of the benefits of financial education and boosting financial wellbeing in both children and adults by taking a look at the PDF attachment to this post.

 

Jeremy Cole

The Benefits of Boosting Financial Wellbeing