People everywhere are looking for ways to improve their own financial situations, increase their financial literacy knowledge, and for tools to help their children establish the right habits early on. Here are 3 innovative apps focused on increasing financial literacy at all ages.
Pennybox, funded by the $25,000 Minimum Viable Product Grant from the New South Wales government, is now available free to kids and families across the US. It empowers kids to manage their own personal finances through hands on learning. Parents can control a number of settings and the app enables money to flow between family members.
The Bite of Reality app aims to teach young people the basics of finance by having them take a “real world” test drive complete with a job, money, and the freedom to make their own financial decisions. The teens are given a fictional occupation, salary, spouse and family, student loan debt, credit card debt, and medical insurance payments. They then visit various stations to “purchase” items such as housing, transportation, food, clothing, household necessities, and daycare.
Angel Rich, The Black Enterprise Elevator Pitch winner recently released her second product from the WealthyLife product line, CreditStacker. Credit Stacker is an innovative financial play on credit reports. The game pieces look and feel like credit items, accumulating over your life span to impact your credit score and net-worth.