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News & Tidbits: British Money Apps Getting Praise

May 1, 2018

 

If I had more time this morning, I'd be all over finding out whether or not we Americans have anything like the British with their phone apps.

 

The average child begins to understand the value of money aged ten, according to parents surveyed by Santander earlier this month.

 

Helping your children or grandchildren learn the value of money and the importance of saving up for something they really want is something few parents would disagree with, in fact a third of parents wish they had been taught more about saving by their parents. [Only a third?!]

 

There are now a hoard of companies offering digital piggy banks with physical bank cards attached that claim to help set kids up with good habits early.

 

The article goes on to give summaries of GoHenry, Osper, Nimbl, and Rooster Money. If I were in the U.K., I'd be all over trying these things out, but I'm a little short on £s. But that's not stopping any readers now in Great Britain, right?

 

My favorite feature on these apps is the ability to spy on your children's spending. It only makes sense that the country that brought us James Bond would create the spy tools necessary to thwart my children's evil spending schemes.

 

Incidentally, these apps automatically block use of children's cards to purchase alcohol, gamble, or go on adult entertainment sites. Other uses that I would like to see prohibited? Buying tobacco products, funding terrorism, or downloading boy band music.

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