Financial education is one of the essential factors in young people’s learning, as they need to know the world of economics to be prepared for the near future. For this, there are several apps that they can download from their Android or Apple mobile device and start with their financial independence with the help of an elder who can clarify some aspects.
Some of the elements that young people most need to learn are using credit or debit cards, how interest rates work, how to invest and save money for their college studies, for example, or how to control money with financial apps. Also, it is crucial to remember that scammers are just around the corner, so they should be cautious with their finances.
One of the best ways to control young people’s finances is financial apps that can be downloaded from the Android or iOS app stores. Several financial apps for teens are available for mobile devices, such as Copper, Chase, or GoHenry, which have the best ratings. In addition, they can apply for a physical card to make purchases in stores and withdraw cash at ATMs.
Copper – Kids & Teen Banking
Copper has one of the highest ratings among financial apps. With 4.9/5, more than 1 million members have downloaded it, and they use this platform to control the spending of children from 6 to 18 years old. In addition, young people will receive a debit card to shop in physical stores, withdraw money from ATMs or make transactions from the application.
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Chase First Banking
With an average score of 4.7/5, Chase is the #6 most downloaded financial app. It is aimed at young people between the ages of 6 and 17, who can learn how to manage their money, invest and save, shop at stores, and withdraw cash on their VISA debit card linked to their parent’s bank account.
Hello. I'd be happy to help you obtain the account number for your Chase First Banking account. Please watch the instructions on how you can find it on your Chase Mobile app. ^DC pic.twitter.com/dD6RKgCYZN
— Chase Support (@ChaseSupport) November 3, 2021
It is one of the most downloaded financial apps, and no wonder since more than 15 million people have chosen this application to control young people’s finances.
GoHenry Youth Debit Card & App
GoHenry is one of the most used financial apps by young people. It’s available in the United States since 2020, with over 2 million downloads and a 4.6/5 stars rating. It is an ideal platform for young people between the ages of 6 and 18 to learn about financial skills and gain access to a debit card, which they can use to start making purchases on their own.
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Giving you a line to all things everything…on a budget ➖
Follow us: https://t.co/G3hE8ZXBBu pic.twitter.com/cTf7So3WCE
— GoHenry (@gohenry) May 22, 2020
This app is interactive, as it has different “money missions” that teenagers must overcome to save and control their expenses and learn about economic aspects. In addition, parents can manage the money and set the necessary limits since it works with the main card of the adult in charge, who must deposit the money in their children’s accounts and thus control spending.
These three financial apps greatly help parents of teenagers begin to have economic independence since they are safe and free of fraud, and the adults in charge control the accounts. These applications are beneficial when young people get their first job at 14 years old, as they can have the money on one of these platforms.