Which App Best Teaches Kids Financial Literacy?
Most parents know the struggle: trying to teach their kids about money in a world where instant gratification is just a click away. It’s tough to explain concepts like budgeting, saving, investing, or spending wisely when everything feels so…well, digital.
Kids today may not always see the value in money management because they’re getting very little hands-on experience. But with three in five Americans* struggling with chronic credit card debt, it’s important to lay the foundations of financial intelligence as early as possible.
Luckily, there are digital tools that can help you teach your kids how to manage their finances from an early age — so they’ll never fall into the debt trap. The most popular tools in the space are Greenlight, Venmo for Teens, and Go Henry.
Keep reading to find our comparison of all three, or skip to our verdict:
Greenlight Overview:
Greenlight is perfect for kids and teens ages 8 to 18, helping them learn how to manage money in a super easy and fun way. They get their own debit card, can set savings goals, earn from chores, and even start investing with just $1 (as long as you approve). Parents get full control — setting limits, getting real-time alerts, and monitoring it all with an app.
Kids can earn 1% cash back on purchases, and Greenlight offers up to 5% on savings, promoting smart saving habits. It also includes family safety features like location sharing, crash detection, and SOS alerts, making it ideal for parents who want to stay connected. Features like round-up savings and customizable debit cards make Greenlight a well-rounded choice for both financial education and safety.
Venmo Overview:
Venmo’s Teen Account is for ages 13 to 17 and gives teens a way to manage their money with a debit card that’s linked to their Venmo account. Parents can set spending limits, get alerts, and even lock the card if needed. It’s great for everyday spending but doesn’t have extras like savings goals or chores. It’s a no-frills way for teens to spend money, but it doesn’t really teach them much about managing it beyond that.
GoHenry by Acorns Overview:
GoHenry is for kids and teens ages 6 to 18, offering a prepaid debit card with an app that grows with them. The app has “Money Missions,” which are lessons with videos and quizzes that help kids learn about money. Parents can track their kid’s progress and get real-time spending alerts. GoHenry falls short of offering investing tools or advanced savings features like Greenlight. It’s a solid choice for basic financial learning but doesn’t provide as much as Greenlight in terms of growth potential.
Our Verdict:
While all three tools have their merits, Greenlight is our winner. Venmo is good for teens who need a simple way to spend money, and GoHenry has some solid learning tools, but Greenlight is our top pick.
Greenlight offers cash-back on purchases, higher interest on savings, and family safety features like location sharing and crash detection, all of which make it the most comprehensive option for families. It’s perfect for kids and teens, with savings goals, chore tracking, investing, and even safety features like location sharing. Their financial education game, Greenlight Level Up™, makes learning about money engaging and fun.
With over $198 million saved by families in 2023 and a 4.8-star rating, Greenlight’s an awesome way to teach financial skills while keeping things safe and simple.