goHenry launched this tool to address the issue of financial literacy, which even some adults find difficult. According to a study conducted by the University of Cambridge, children form their attitudes and habits toward money by the age of seven, and 87 per cent of teenagers have difficulty making everyday financial decisions.
So let’s take a look at this financial tool and see if it lives up to expectations and how you can make the most of it as a parent. Why not read my GoHenry full review to see the other features it offers?
How Do Money Missions Work?
Kids earn points and badges with videos, and interactive quizzes that test you on what you’ve just Kids can earn points and badges by watching videos and taking interactive quizzes that put what they’ve learned to the test. You can help them as they learn new skills one bite-sized lesson at a time. When your child completes a mission, they will be able to access a new one.
What we like about this is that our kids can learn about money in a fun, interactive, and gamified way that they will remember for the rest of their lives. They can learn that making good savings habits are important but also like in life different types of jobs pay at different rates.
What Your Kids Can Learn About
There are a whole host of money lessons that your kids can learn about, all of which will help them make better financial decisions when they are adults.
The first skill to learn in the GoHenry app is about the origins of money, how debit and credit cards are used today, and what the future of finance might look like.
Kids will study the history of money, the evolution of money, and the role that finance plays in our daily lives today. So it’s a good start to financial education for you kids and teens as all the basics are covered here. Key topics covered are:
- The invention of money & currency
- Ways to pay today
- How do cards work?
- What are banks for?
- Using bank accounts
- The future of money
In my family, we consider our financial planning as the meat and potatoes of our financial system. This is where our savings and investments go. We also consider this the most important part of our financial planning because it is what will get us to the next level.
It is a skill that many adults wish they were better at, and saving money is one of those skills. In this money mission children can learn how they can get ahead by learning how to save and why it is worthwhile to do so.
- What is saving?
- How to save money
- Making saving a habit
- How to set savings goals
- How to grow your savings faster
- How compound interest works
Another option for spending your money is to donate it to a charitable organisation. A large number of people donate money to charitable organisations because it makes them feel good. Your child can find out why you might want to make a donation and how you can go about doing so.
There are a lot of ways to donate money to charities. Some people decide to make regular donations, perhaps every month or every week. Others make one-off donations that they decide on when they feel like it. In this money lesson your child will learn about:
- Why give?
- How to give to charity
Budgets & Plans
Children can learn that they are in charge of every pound they earn and the destination of every pound they earn. This money lesson will teach kids how budgeting skills can assist them in planning for future purchases, ensuring that they always feel in command of your finances.
Unfortunately, many of us don’t know how to create a budget. This money mission will help kids to easily create a basic budget plan that will help them to keep track of their spending and help them to reach their financial goals.
Budgets are a good way to stop over-spending, save up for a large purchase or even reach specific financial goals. Especially when it comes to planning a special event or simply keeping track of daily spending, a budget can be extremely beneficial.
- What is a budget?
- How to budget
Working and earning money is one of the ways in which our money can grow. We can, however, make our money work for us by investing it wisely. This lesson will take a look at some of the different ways we can put our money to work for us in the future.
Our money does not have to be idle, we can put it to work in order to generate more money for the future! No matter how much money you have, there is always more than you can be making. It is for this reason that the best way to grow your wealth is to invest.
- What is an investment?
- How does investing work?
- What are stocks and shares?
Jobs & Earning
Get an introduction to the world of work, including the types of jobs you can pursue, the amount of money you can expect to earn, and the reasons why you may not receive your entire salary (hint: you’ll learn about taxes!)
Kids will learn about receiving pocket money and an allowance while young to how you earn money as an adult.
- How we earn money
- Different jobs and pay
- How do taxes work?
- Want to be an entrepreneur?
The most enjoyable aspect of having money is being able to spend it on things that you like! But when should you spend your money and what should you buy are important considerations. First, since we are only human and do not control the entire universe, we should be spending our money on things that we really enjoy. This is because we can only purchase so much in this world and there will always be limits.
There are a plethora of things on which we can spend our money.
You can learn about:
- Spending choices
- Emotion & peer pressure
- About advertising
- What is good value?
- How to spend in other countries
You’ve worked hard for it; now make sure it’s safe. Learn how to keep your money safe online, how to identify and avoid scams, and how insurance can assist you if the unthinkable does happen.
We need to know why it is so important to keep our money safe, as well as why we need to keep PINs and passwords hidden.
Borrowing & Credit
The idea of borrowing money may sound fantastic, but how exactly does it work? Find out why you might want to borrow money and how you’ll be required to repay it with interest, it isn’t free money, after all.
- Why borrow money?
- Where can you borrow money from
- How to borrow responsibly
Lots of the stuff taught here is valuable information that really should be taught in schools and there aren’t many great resources available online, so it’s a welcomed addition to the goHenry app that this has been added in.
Given the gamification and rewards element of the information being taught our kids enjoyed it.