Smartphone app development: teaching children money management skills

The education system, unfortunately, becomes gradually obsolete, not matching the needs of a rapidly developing modern society. In particular, this applies to commercial relationships. Children born in the early 2000s already are facing the fact that about one-third of their financial transactions take place virtually with the help of computers and bank cards. Rather, today’s kids will live in a world where most of the money transfers will move into the sphere of electronic payments. However, the current educational system does not give children the money management skills necessary for cashless operations. And while smartphone app development could give a hand in this task, often it is ignored, sadly.

Traditionally, the task to teach infants the basics of the economy is entrusted to their parents. And if teaching children to count, to save and spend money is not very difficult, explaining even the essentials of the non-cash transactions might be a serious problem for many adults. And even more challenging is to teach juveniles not just to save money and economize but to foster in them an interest in making a career.

Building mobile application that allows studying commerce

The best way to give kids useful skills is learning by playing. Today, experienced developers offer the services of building mobile applications for the purpose of teaching children the foundations of money handling. These may include game apps which allow juveniles to invest the in-game currency while learning to be reasonable about investments, or applications that help to make up a real financial plan on pocket money and control the spending.

Such applications are a great way to give children the necessary skills for adult life, in an easy and understandable fashion, as well as incite the interest in further study of economics, banking and cash management methods. The main advantage of these apps is their safety: even having made a serious mistake, the kid will receive a rewarding experience, without losing the real money. Taking all this into account helps to build mobile application, useful in studying commerce.

What skills are taught by such applications?

Of course, different developers aim their software to training varying skillsets, but overall objective of these applications is to tutor all the needed proficiencies that will help toddlers to quickly navigate the complex world of commerce in the future:

  1. Ability to plan costs;
  2. Skills for drawing up financial plans;
  3. Skills in working with financial documents;
  4. Ability to use electronic account and credit card;
  5. Skills to manage their own funds;
  6. Understanding of the banking system;
  7. Understanding of the investments.

What are the examples of similar applications created through mobile web app development?

Currently, there are more than a dozen applications created with the help of mobile web app development companies that teach children the basics of money management. All of them are specially designed for kids and teenagers, so in a detailed and simple manner coach complex “adolescent” finesses.

Applications created as a result of mobile or web app development such as Toshl Finance, Left To Spend, and Debt Payoff Planner assist juveniles in planning their budget, keeping records of expenses and teach dealing with debts, while likes of Manilla help to implement simple electronic payments and organize a financial history. Besides serious and functional software, that helps to deal with real money, there are also plenty of games that train techniques of simple and clear management of the family budget, and complex skills to commit serious commercial transactions. A characteristic feature of such apps is that while developing serious and “boring”, in kids’ terms, habits they are bright and interesting for the young user.

Such games as Practical Money Skills and Planet Orange teach children the financial management. Rich Kid Smart Kid and Savings Quest are a great start for the future economists: these games, created using the mobile web app development, give an understanding of how to conduct major purchase transactions, explain how investments are made and how to make money work. KidsBank and BizKids demonstrate in details the principles of the banking system, how to build and run a business.

There are also whole sites and platforms devoted to studying the workings of commerce, such as ItAllAddsUp, where kids through various games are taught accounting.

At what age should children start learning the basics of money management?

Experts say that in fact there are no age restrictions in matters of teaching children the ropes of commerce. Fundamentals of embezzlement planning, economizing, investments and accumulation can be explained and shown in steps that will be understandable even to youngest infants. Therefore it is recommended to start teaching kids finances as early as possible. Of course, a variety of training applications is designed for different age groups, so the most important thing for parents is simply selecting the game that corresponds to the age of their child.