Parents, wondering how you can teach your kids to be financially savvy? Fortunately, a recent boom in teen focused fintech apps means education & access for your teenager is only a click away!
According to a recent survey, 43% of teens seek out early investing education through social media. What's more: 95% of teens have used youtube to self-educate. But sifting through TikTok, Instagram & Youtube feeds for sound financial advice is easier said than done.
That's where finance apps come in handy! But, most of them are not made for teenagers specifically, which means it might be illegal for them to even use. So let's get you and your teen on the right path in choosing what app is best and can help your teen get started on early investing.
Three Finance Apps for Teens
Jetson
This crypto investing app is one of the first apps to allow minors over the age of 13 to access crypto. Jetson uses the Uniform Transfer to Minors Act ("UTMA") to enable under-18 year olds to co-own an account with their parent or legal guardian. Not only that — to keep your teen as safe as possible, the app strips off many features of other crypto platforms like staking, lending products, margin trading and meme coins. The app also emphasizes education with highly engaged quiz challenges that reward your teen with real money.
Jetson is free to use for your first year, no hidden fees, no strings attached and is curated specifically for young investors. Providing easy understanding to basic investing, their donut chart feature is much more engaging than those charts that you often see. But it's the investing arm feature of this app that really excels. It even separates parent and teen user experiences. This allow parents to monitor account activity, set permissions and even learn themselves, while optimizing a different interactive experience for their teen.
Greenlight
The kids' and teens' banking app allows access to saving, learning and investing. Providing features such as a personalized debit card and direct debit allowance, parents are able to set flexible controls and customize chores by age, pay allowance, and stick it on autopilot. It is a trusted banking app that allows your kid to eventually learn to invest and get started on their future while also understanding how to save and earn allowance.
Parents are able to have access and control while also gettin real-time notifications of their kids’ money activity through Greenlight. The app provides a one month free trial and has three different plans starting at $4.99 up to $14.98.
Step
If you're looking for an app that allows your teen to build credit early and invest the future, this might be for you. Step allows minors to build positive credit history and develop smart spending habits. Your child or teen can earn cash back and crypto rewards when they use their Step Visa Card for their everyday spending.
Parents can instantly automate allowances and decide how often you’d like their payout to hit. This app has great features for up to 4 family members and parents can easily track all of your kids’ spending and saving activity from your app.
Final Thoughts
Teaching teens about finance is not easy. And having to provide guidance and education where schools are lacking takes time. But with these three investing apps, can help you and your teen to get started. Although parental involvement are more required in some than others — you can decide what you think would be best suited for your teen parent relationship.
As long as you make your money work and understand the value of a dollar — that's the most valuable lesson a parent can teach their teen.