How to use technology as a teaching tool.
How comfortable are you with speaking to your kids about money? According to a BMO report, 59 per cent of parents would rather talk to their kids about the facts of life than finances.
November 2015 marks the fifth anniversary of Financial Literacy Month in Canada, so there’s no better time to kick-start a conversation about money with your kids. To make things a little more fun, we’ve rounded up six engaging apps that will help them wrap their heads around everything from saving money to basic budgeting.
- Kids Money (Ages 4 to 7)
- How it works: If you’ve started your child off with a small allowance, they can keep track of what they’re earning with this app. They’ll simply slide a cute pink piggy to input their weekly pocket money and any gift money. They can also set a savings goal (perhaps for a new toy), and the piggy will reveal how many weeks it will take to reach that goal.
- What it teaches: Suitable for children as young as kindergarten age (with a little help from mom or dad), this easy app teaches basic savings and pocket money management.
- Where to find it: It’s a free download from the App Store*.
- iAllowance (Ages 4 to 9)
- How it works: Parents can opt to have kids work towards a goal, either monetary or not (for example, an hour of TV time). The app helps track their progress as they complete chores or other tasks around the house — and will even send kids reminders to complete tasks.
- What it teaches: How to set a goal and make a plan to achieve it. Kids will also appreciate having to work to earn the things they want.
- Where to find it: It’s $5.49 in the App Store and works on iPads and iPhones.
- Keep the Change Kids (Ages 6 to 8)
- How it works: Kids must try to match the given change amount by dragging coins to connect them vertically, horizontally or diagonally. The goal is to make as many matches as possible within the time limit.
- What it teaches: This educational app helps kids learn to recognize coins and master basic math skills through interactive lessons and a challenging coin puzzle game.
- Where to find it: It’s a free download from the App Store and Google Play.
- Savings Spree (Ages 7 and up)
- How it works: Money Savvy Pig, the app’s game-show host, takes kids through six rounds of money-related questions to test their financial knowledge and help build money-saving skills.
- What it teaches: In this award-winning app, kids discover how everyday choices can add up to big savings or big expenses. Key concepts include earning money, saving for short-term goals like a new toy, spending wisely, and donating or investing money.
- Where to find it: It’s $6.99 in the App Store.
- P2K Money (Ages 8 to 13)
- How it works: In this easy-to-use app, kids create a simple budget with their “income” from babysitting or allowance and “expenses,” like a trip to the movies. Plus, they can add photos of the things they’re saving for.
- What it teaches: They’ll learn about the value of money and how to be financially responsible. The app encourages them to build basic financial skills like how to budget, track their money, make a list of things they want and grow their savings.
- Where to find it: It’s a free download from the App Store.
- Renegade Buggies (Ages 13 and up)
- How it works: In this fast-paced game, kids power-up their supercharged buggies to get items from their shopping list — while collecting coins and coupons along the way (and avoiding obstacles!).
- What it teaches: Kids learn budgeting concepts, such as how to spend wisely and be financially responsible, by using strategies like comparing prices, buying in bulk and using coupons.
- Where to find it: This award-winning app is free at the App Store.
Looking for more resources? Wednesday, April 20, 2016 is BMO’s Talk With Our Kids About Money Day in partnership with CFEE. To celebrate, we’re sharing fun, easy, and engaging activities at www.talkwithourkidsaboutmoney.com
*iPad is a trademark of Apple Inc. registered in the U.S. and other countries. App Store is a trademark of Apple Inc.