GoHenry - Fintech to help kids develop good money habits

Introduction

Its great to start teaching kids everything from a young age - including smart use of money. So a UK-based fintech is already helping parents and caregivers to train their kids on how to be smart with money. The name of the platform is GoHenry and it has amazing designs for both parents and kids to put hands together and help young ones kick off their money journey.

Gohenry features a savings account for kids and teenagers to receive money and manage it. But it comes with tools to help parents manage aspects of their kids finances. The idea is to let parents show kids the importance of financial discipline. The kid accounts also come with debit cards which the kid could use in making purchases as much as the parental control allows.

Through GoHenry, kids and teenagers could pick up important money management habits like making a budget, spending only when its necessary, making savings and many other things. The positive rating that this service have gotten across various platforms including TrustPilot shows that they have delivered on objectives and promises.

GoHenry Core-features for kids

There are lots of money-related activities that the GoHenry app features. They are designed to help kids develop good money habits. Consider the following:

• Do chores to earn money: Instead of just paying for all your kids needs, its important to teach them that money is earned through hardwork. That could begin from right inside the home. So the app has a feature called Chores & Pocket Money. This feature could be used by a parent to create small tasks that kids could do in the house and then set up payments for each task completed. Basically, they can earn by working hard at home.

Under Chores & Pocket Money, the parent could assign easy tasks depending on the age of the kid such as to do the dishes, cut flowers, clean the windows, feed the pet, make their bed, and any other tasks. Each task would have money reward attached to it, to be redeemed once the kid completes the task.

In addition to the money earned from working hard, parents could also send Pocket money which the child would use each week to buy stuffs they need. Then at the end of the week, the parent would check out what the pocket money was spent on. If the kid saved some of their pocket money or spent everything, the parent can use the opportunity to analyze their money habits for the week and recommend the best things that should have been done with the money. This way, the kid would be able to learn important money habits.

• Giving liberties while retaining parental control: GoHenry was designed to allow young ones to make money decisions. However, the app also lets the parent be in charge through parental controls. So basically, the kid could be allowed to decide what to do with their money, only if the parent allows it. With parental controls, the kid would not have to make money mistakes before they learn. Instead, the parent steps up and give them the protection needed by not allowing them to do things that are stupid with their money.

One of such parental controls is determining where a child is allowed to buy stuffs from. There are online or physical shops where adult content or dangerous materials are sold. The parental control could be used to block such shopping locations. For example, the parent could prevent the child from buying a gun, drugs or sexually explicit materials. This is one way to prevent kids from spending money on things that are beyond their age to handle.

Other tools for parents to manage kids behavior includes helping to keep debit cards secure. Kids not too careful and they could easily loose or even misplace their card. There is a parental control which allows the parent to block cards that are missing. If the card was eventually found around the home, the parent might decide to unblock the card so that it could be used by the child again.

GoHenry also keeps the parent in the know about any transactions done by their kid. There is a robust notification feature which alerts the parent to any purchases done by the child. With this knowledge, the parent could ask questions about the Childs spending habits and quickly correct any bad money habits that are known. The parent would also be notified is the kid tried to make purchases in any age-restricted shop. This way, it would be easy to know what a child is trying to do with their funds.

• Account top-up and security: GoHenry allows the parent to fund their kids accounts right from the mobile app. This could be useful especially when the child is shopping for something and run out of funds. Under the approval of the parent, the kid could instantly receive funds to complete a purchase assuming they run out of money.

The account is also secure and parents could use the opportunity to teach kids how to be sure that their money is safe. They would learn how to make strong PIN or passwords. The app also has a feature to allow parents recover the PIN of the kids accounts assuming they somehow lost it.

Debit cards

GoHenry has various debit cards for the kid accounts. The cards are VISA-approved and come in various designs. There are cards for teenagers and kids. They come with great designs. Kids could choose from more than 40 designs for their cards. Find out more here

Finally

If you are a parent with kids, why not check out if GoHenry is available in your area. But do well to learn more about the fintech before taking a decision.

note: thumbnail is mine

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