There are a variety of financial literacy apps available. Here are the most common types and what they offer.
Financial education apps
These apps focus on providing educational content to users through modules and lessons. They may offer videos, audio, text content, and/or quizzes. This is among the most popular types of financial literacy apps, and there are educational options available for users of all ages.
With this kind of app, parents can manage allowances for their children. Allowance apps usually offer automated or manual payments and the option to offer rewards for certain tasks, such as completing chores or getting good grades. Some companies that offer allowance apps also have prepaid cards that parents can use for their children’s allowances. With a prepaid card, kids can only spend what their parents load from their checking account onto the card. It’s not like a credit card, so there’s no risk of going into debt.
Investing education apps
A sub-type of financial education apps, investing education apps focus specifically on the subject of investing. They tend to be more advanced than other financial literacy apps, and they’re often aimed at teenagers or adults.
Financial games apps
This type of app uses exciting games to help users learn about financial concepts. Although financial games apps can work well for kids of all ages, they’re best-suited for younger kids who may not have the attention span to sit through standard money lessons.
Financial literacy apps by age range
Another popular way to group types of financial literacy apps is by the intended age range. There are apps available for kids in grade school, preteens, teens, college students, and adults interested in expanding their financial knowledge.
Read More: Best Financial Literacy Apps for 2021