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Jagpreet
30 March, 2024
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“The price of financial ignorance is high – young adults must be equipped with classroom knowledge to avoid the heavy toll of real-world penalties and fees.” – Linsey Mills
If you are also feeling a bit lost when it comes to finances then you are not alone. Just imagine you and your friends are going on a trip but without a map, it will be difficult to reach the destination right? The same goes for managing your money, it can feel overwhelming if you do not know where to turn.
According to The Economics Times, India and Southeast Asia are the countries where more than 70% of young adults lack financial literacy, making them among the regions with the lowest literacy rates in this area. Financial illiteracy means not having the knowledge, skills, attitude, and behaviour needed to make smart financial decisions and improve financial well-being, according to the OECD.
But do not worry! There are many financial literacy apps available out there to guide you on your journey to financial security.
Before discussing the financial Apps, and what we can expect from these apps let’s check:
With these apps, you can easily manage your money on the go. These apps will help you provide a convenient way to track your income, expenses and savings so that you can stay on top of your finances.
These financial apps will provide you with easy-to-understand lessons about Saving, Budgeting, Investing, and Debt Management. These apps are perfect for all ages!
If you feeling lost with your finances then you can use these apps. These goal-oriented apps will become your guide. You can define your dreams, create a plan, and stay motivated on the path to your financial goal.
These financial apps will help you to get a snapshot of your overall financial well-being with tools like credit score monitoring.
If we talk about the stats, our young generation is using apps that teach financial literacy. Kids who are growing up with smartphones are naturally attracted to financial apps for managing their money.
Let’s look at the Google report:
Yahoo Finance is a versatile app that offers many features related to tracking their investments and staying updated on financial news. You can go through real-time stock news, customisable watchlists, and comprehensive market data. You can also monitor your portfolio performance and make informed investment decisions.
The app will provide you with detailed company profiles, analyst ratings, and earnings reports. Moreover, Yahoo Finance goes beyond just quotes and charts. It also provides a library of educational resources, including Articles, Videos, and Expert Analysis to help users.
RoosterMoney is designed to teach children the fundamentals of money management and financial responsibility in a fun and engaging way. This app has many features like virtual allowances, chore tracking, and savings goals. This app will allow you to develop positive financial behaviours in your child.
They will be learning about the value of hard work through earning rewards. They will learn the importance of saving for future goals, and responsible spending through a prepaid card with spending limits (controlled by you).
Savings Spree is an app for kids. It is like a game show with the Money Savvy Pig. You will be playing six rounds and learning about money.
As you play, you will learn about Saving, Spending, Donating, and Investing. It shows how little expenses can become big and why an emergency fund is important. This app targets the kids aged seven and older. Even younger kids might like it with help. It is best for elementary school kids, though older kids might find it too easy.
FamZoo is a family finance app that helps everyone learn about money. Parents can make virtual prepaid cards for their kids and give them allowances. They can also set spending limits and track what their kids spend.
With FamZoo, you can work together with your family to understand money better and make smart choices. It is a fun and easy way to teach financial responsibility!
The best financial literacy app? The one that works for you! Whether you focus on budgeting, understanding the markets with Yahoo Finance, or fostering financial responsibility in your kids with RoosterMoney or FamZoo, there’s an app to empower you.
