We live in a digital world and cannot keep our kids away from software applications and digital devices. It is best if we make the best use of modern technology to teach them lessons for life. Financial education is an important aspect of an all round development of a child. How do you teach kids about money? Will they be interested in a spiel about importance of saving more and spending less? Parents are not sure how to address the topic of money and how to begin discussions around personal finance. But a digital device with an app that teaches kids about money will surely pique their interest. There are many apps in the market with the objective to teach finance to children. Here is a review of three interesting apps that teach various concepts of personal finance like saving, budgeting etc. –
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Executive Summary – It is important that we inculcate good financial habits in our children and for this we have to start teaching them from when they are young. Technology has enabled us to have engaging ways of teaching them financial concepts. We have a lowdown on three financial applications targeted at children – Savings Spree, Game of Life and Kids Money.
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Applications |
Features |
Pros |
Cons |
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Savings Spree
Price – Rs.370 |
It is an interactive game teaching lessons related to finance such as saving money for emegencies, saving money, earning money etc. There are two sections – a tutorial section that has information and a play section where kids can manage money by making decisions concerning saving & spending money.
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Teachers can use this game to teach children about money. It has both theoritical & practical sections.
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It is not an indian app so everything might not be suited for our financial conditions and sensibilities.
There is a lot to read which might put off some kids. |
Download PDF
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Game of Life
Price – Rs.60 |
Game of Life is an electronic version of the board game of the same name. It simulates a person’s journey from college to retirement. A person has to take decisions regarding college,career, investments. The person with the most money at retirement wins.
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Children can understand concepts
like salary, investment, saving for old age etc. It can be played with other known people as well. |
Younger children may not understand the game to play it. Many events in the game depends a lot on chance as the player has to spin a number.
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Money savvy kids
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Kids Money
Price – Free |
It helps teach the concepts of budgeting
and saving to children. It allows them to input the price of any item they want to buy( Buy a toy) or any experience they want to have ( Go to Kidzania). The user can input pocket money, gift money etc. and how much they need to save and for how long they need to save to be able to buy it. |
It is simple to use.
It is a great tool to introduce financial concepts Graphics are intuitive. It is free to use. |
The currency used to be dollars which might confuse the kids.
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