5 Easy Steps To Teach Teenagers Financial Literacy Using Modern Apps; Check

Parents can teach their teens about money using cool, modern methods. Apps that make saving a game, minor demat accounts for investing, and even fractional ownership can get them started. Tools like FamPay and UPI Circle also help them manage money

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Gamified 'Streaking' Apps

Parents are now using 'streaking apps' to teach kids about finance. For example, the 'Streak - Teens Banking App' is for 8 to 21-year-olds. Kids set daily financial goals and track savings to earn rewards. The 'Jar App' also teaches saving like a game, offering cashback for daily savings of just Rs. 10 or Rs. 20.

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Investment Lessons

Kids under 18 can't open a share market account directly. But parents can open a minor demat account for them through apps like Zerodha or Groww using their own PAN card. You can start a minor fund SIP in mutual funds for as little as Rs. 100 or Rs. 500 a month. This also allows them to invest in shares of big companies like Google and Apple.

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Fractional Ownership

Encourage your online-shopping-loving teen to invest in the companies they buy from. This has two benefits: they start investing, and it might curb their spending on things like junk food. By buying shares of companies like Swiggy, Zomato, or Nike, they can become fractional owners.

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Invest What You Earn

Today's teens often have skills like video editing, coding, or graphic design. You can teach them how to earn small amounts using these skills. Then, you can guide them to invest that money, making their earnings grow.

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Teach Money Management

The FamPay app is made just for teens. Parents can complete the KYC using their Aadhaar or PAN card, and kids can use UPI without a bank account. Parents just add a small amount to their teen's phone number, which they can use like regular UPI. The app is locked for use on gambling, betting, or adult websites, so it's quite safe.

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UPI Circle

Parents can also use the 'UPI Circle' feature on their BHIM, Google Pay, or PhonePe apps. They can add their children as secondary users. With this, a transaction only goes through if the parent approves it on their phone. Alternatively, parents can set a spending limit, and the child can make payments up to that amount.