Let’s face it, we could all probably do with some help managing money. As a single parent, balancing the books can be tough, and the last few years of high inflation and soaring housing costs haven’t done anything to ease the burden. 

But what about kids? If we’ve got a handle on our own money, how do we model good habits for our children and teach them the essential financial skills they need? One tool that could help is GoHenry.

GoHenry stands out as the UK’s number one kids’ debit card and learning app designed for children aged 6-18. This innovative tool offers an engaging way for kids to learn money management skills through practical experience. GoHenry not only provides a safe platform for children to handle money but also includes educational components to instill good financial habits early on. 

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The Importance of Teaching Children How to Manage Money

Financial literacy is a critical life skill that lays the foundation for a secure and independent future. Here at Frolo we’ve got a diverse range of single parent experiences between us, so we pooled our knowledge to come up with lots of reasons why it pays (pun intended) to raise financially savvy kids and how to go about it:

Building healthy financial habits early: Introducing children to money management concepts at a young age helps them develop good habits that will benefit them throughout their lives. They learn the value of saving, budgeting, and making informed spending decisions.

Promoting responsibility and independence: By managing their own money, children learn to take responsibility for their financial decisions. This fosters a sense of independence and confidence in handling their finances.

Understanding the value of money: When children manage their own money, they gain a better understanding of its value. They learn that money is earned through work, and spending it requires thoughtful consideration.

Preparing for the future: Financial literacy prepares children for the complexities of adult life, including managing bank accounts, understanding credit, and making investments. It equips them with the knowledge to avoid debt and build wealth.

Reducing financial anxiety: Knowledge is power. Teaching children about money can reduce financial anxiety and empower them to make smart financial choices, leading to a more secure and less stressful financial future.

How to Teach Children Financial Literacy

• Start early: Begin with simple concepts like identifying coins and notes, and gradually introduce more complex topics such as budgeting and saving.
• Lead by example: Children learn a lot by observing their parents. Demonstrate good financial habits in your daily life.
• Use real life experiences: Give children hands-on experience with money, such as letting them pay for small purchases or manage their allowance. GoHenry is great for this.
• Encourage savings: Teach children the importance of saving by helping them set savings goals and rewarding them for reaching these goals.
• Make learning fun: Use games, apps like GoHenry, and activities to make learning about money enjoyable and engaging.

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A Card and App That Grows with Your Kids

GoHenry is designed to grow with your child, offering features that evolve as they do. Here’s how GoHenry supports financial literacy at every stage:

Allowance on repeat: GoHenry allows kids to receive their allowance on a regular basis, teaching them to budget their own money weekly. This regular income helps them plan and manage their spending.

Fun, in-app lessons: The app includes Money Missions, which are engaging lessons that cover broader financial topics. These interactive lessons make learning about money fun and accessible.

Tap, tap, chores: Parents can set chores in the app, which children can tick off once completed. This feature ties financial rewards to work, teaching kids that money is earned through effort.

Savings, secured: Children can set savings goals within the app, and parents have the ability to lock and unlock these savings. This feature teaches kids the importance of saving for future goals.

Cards that pop: With over 45 customisable card designs, there’s a style to suit every child’s personality. This personalisation makes the experience more enjoyable and engaging for kids.

Safety first*: The GoHenry debit card is designed with safety in mind. There’s no risk of overdraft, providing peace of mind for parents. The card is also equipped with robust security features to protect children’s financial data.

Just for teens: As kids grow into teens, GoHenry adapts to their needs. Teens can have their wages paid directly into their GoHenry account, make secure purchases with Apple Pay, and even request money from friends using QR codes.

Why Parents Love GoHenry

Parents appreciate GoHenry for its comprehensive approach to teaching children financial literacy. Here are some of the key features that make it a favourite among parents:

• The app allows parents to set chores and pocket money, helping children build smart money habits from an early age.
• Parents receive real-time notifications of their child’s spending, keeping them informed and involved in their child’s financial activities.
• GoHenry offers adjustable in-app settings that let parents control when, where, and how much their child can spend. This flexibility ensures that children have the freedom to manage their money while staying within safe limits.
• For those urgent money needs, GoHenry allows free instant transfers, ensuring that parents can quickly provide funds when necessary.
• In the event of a lost or stolen card, parents can easily block and unblock the card through the app, providing an extra layer of security and convenience.

Teaching children financial literacy is an essential part of preparing them for a successful and independent future and GoHenry offers a unique and effective way to support this learning process. 

Frolo Community members can now get an exclusive offer at GoHenry - two months free AND £15 pocket money! Use our exclusive link to sign up and take advantage of this fantastic deal.

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