Children may not be putting coins in piggy banks for much longer. With the move towards a cashless society, pocket money is going digital.
To reflect "the change", many mobile budgeting (预算) apps for children have appeared worldwide, such as GoHenry, Osper and Gimi. These apps offer a simple money management service to children, often for a monthly fee paid by the parents. Parents can add money to children's accounts, set limits and monitor transactions (交易). Children can choose to save their money or spend it using a prepaid card.
These apps aim to teach young children financial concepts (概念), such as budgeting, interest rates and income. For example, the Swedish app Gimi — 1.2 million users globally — has virtual savings jars where children can deposit money. Parents can pay children interest as they save. There is also a prepaid card that is currently available in Sweden only, but is expected to be launched elsewhere in Europe.
Philip Haglund, CEO of Gimi, believes the app can teach children responsible spending habits. "You don't become better at money management just because you have a degree in economics. It's more about the attitude and the relationship you have with parents' money when you're 6 to 12 years old," he says.
But Catherine Winter, Managing Director of Financial Capability at The London Institute of Banking &Finance, warns people that while digital tools can help, there needs to be a more organized approach to financial education. The area should "have regular, designed classroom time and ideally should be taught as an independent subject", she says. "Children would then have the right understanding to get the most out of both the apps and their money."
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Children can get the most out of their money with the apps.
