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Financial literacy becomes child’s play

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Global Money Week – help kids “Learn. Save. Earn.” with these fun money apps and games 

Global Money Week 2017 (GMW) is finally here! The international initiative, that runs from 27 March – 2 April, is all about helping children and teenagers start the journey to a better financial future.

Here at Gateway, we’re passionate about teaching kids good money management skills and habits so naturally we’re big supporters of GMW.

This year’s theme is “Learn. Save. Earn.” and what better way to do just that than with apps and games that make learning about money fun and interactive. Below we’ve listed our favourite apps that will get your children learning about budgeting and saving in no time.

  1. Savings spree

This app is a fun game that teaches kids how the daily lifestyle choices that they make can add up to big savings or big expenses. Presented in a highly engaging game-show format, it allows kids to earn money and then presents them with the option to spend, save, donate or invest that money in a variety of scenarios. Apart from teaching kids how their financial choices can impact their savings, it also throws in those unexpected scenarios that require an emergency saving fund; to teach that all important lesson that events outside of our control can cost money too.

Ages: 7+ years

Cost: $9.99 available on iTunes

  1. iAllowance

iAllowance is a sophisticated pocket-money tracking, reward and spending tool for parents and kids. It allows you to set your kids’ chores for the week and how much they will earn for each completed job. With the ability to set up “banks”, which are essentially categories, you can choose where money gets deposited (savings, spending or charity for instance) and when (e.g. set regular payments each week or wait until chores are completed before adding a transaction).

Ages: 12+ years

Cost: $5.99 available on iTunes

  1. Kids money

If you’d like to instil in your kids the important lesson of long-term saving, then Kids Money is a good option. If your child has a big ticket item they’d like to buy, this app lets them input the price of the item and their expected earnings (e.g. allowance). The app will develop a timeline to show them how quickly they will be able to meet their goal. It also allows them to input any spending; adjusting the timeline accordingly so they can see how spending will impact their savings and ability to reach their goal.

Ages: 10+ years

Cost: free available on iTunes

  1. Save! The Game

The object of the game is to collect as much virtual money as possible and get it in the bank. Throughout the game, kids will be tempted with “iWannas” – impulse purchases that eat into their savings. Reaching the savings goal on each level unlocks the next phase of the game. Addictive and fun, this one is all about learning the difference between a ‘need’ and a ‘want’.

Ages: 5+ years

Cost: free available on iTunes

  1. Motion Math: Cupcake!

If your child is a budding entrepreneur then this app will really appeal to them. In these games, kids will learn how to run a business by creating products, setting their prices based on ingredients costs, as well as working on their general maths skills through word problems posed by customers (e.g. “I’d like five chocolate and a fifth as many vanilla cupcakes”). This games lets them be the boss while sugar-coating the daunting topic of money and maths.

Ages: 8+ years

Cost: $9.99 available on iTunes

It’s never too early to teach your kids the all important money skills that they will take with them throughout life. With these fun apps and games you’ll be able to kick-start the process early and they’ll become engaged without even knowing it!

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