Financial literacy in kids is often low, often due to a lack of learning platforms. However, given the fast-changing world and increasing penetration of digitalization in life, it is now easy and convenient to impart financial education to kids. Several positive developments can occur if children, especially teenagers, learn to manage money early in life. Children will learn to live within their means, create and stick to a budget, start investing early, plan for their goals and create a financially secure future, among other desirable outcomes. Several online platforms can help children learn about investments and gain fundamental financial knowledge.
Here are some of the top online platforms for children to learn about investments:
In this generation, mutual funds are a popular investment option. The Tata Capital Moneyfy app enables users to understand mutual funds and make informed investment decisions. The app gives detailed information about mutual funds, allowing you to compare and analyze different schemes and invest in top-performing funds. The Moneyfy app allows users to choose investments that align with their financial goals. Children, who are new to the world of finance, can benefit from the Moneyfy app. They can use the Moneyfy app to start investing in through the SIP (Systematic Investment Plan) mode. The process of investing through the Moneyfy app is simple, hassle-free, and transparent.
Junio is an online pocket money application that aims to help your child become financially responsible. The app assigns a smart card to your child to pay for their online and offline expenses. You can transfer pocket money to your child directly in the account linked to the smart card. The Junio app sends real-time updates whenever the card is used. This enables you to track the spending habits and patterns of your child. Junio smart card helps your child to learn wise spending and inculcate the habit of saving.
Fampay is a prepaid card for teenagers, enabling them to be independent yet financially conscious of their spending. Parents can send money to their children, below 18 years, without needing a separate bank account. The money is credited in the Fampay card that the child can use to make UPI, P2P and card payments. In this app, parents have direct supervision on the spending of their children.
TechSmart is a good platform for young and tech-savvy children who want to learn the art of investing early. This online broking firm offers simple investment processes for different categories, including futures, options, commodities, currency derivatives, mutual funds, etc. There are informative blogs and articles on the platform that enable children to better understand the financial and investment world.
Whether it is about living within a budget or learning to invest wisely in mutual funds, the above online platforms can help your child become financially cognizant. You can choose Fampay or Junio, if you want your child to develop healthy spending habits. Alternatively, if you desire your child to understand the investment world and start a small SIP in mutual funds early in life, you can use the Tata Capital to mark the beginning of their investment journey.