GoHenry - the pocket money card for kids

by Startacus Admin

GoHenry - Money management for kids thanks to this innovative startup which offers a pre-paid, pocket-money Card and app with unique parental controls, for young people aged 6 to 18...

Money habits, whether good or bad, are learned as young as seven years old. Children, understandably, have no grasp of the imaginary, man-made concept of monetary value. This is why children can rack up massive bills when playing mobile games, buying music, shopping on Amazon, or anything else their parents haven’t managed to get parental locks onto.

The beginnings of this understanding, and a degree of financial responsibility, comes when parents and/or grandparents start giving children pocket money. Suddenly, they find themselves with tangible money that they exchange for tangible things and then have less. And so begins their understanding.

Today’s world, however, is increasingly digital, and this extends to money. Whether shopping online or in person at the till, credit and debit cards are ever more common. So how do we go about teaching children about money when it’s just a number on a screen?

GoHenry is a tech startup based in Hampshire that was created for this purpose.

The app allows parents to set up an account and provide their children with a card - essentially a debit card - that can be used anywhere that displays the Visa sign.

What kinds of places the card can be used is one of the many things parents control - cash machines, card machines, online, wherever you do and do not want them to be able to spend.

And with real-time notifications, you can see when and where they are spending money.

Through the app, children can set goals to save for, parents can set chores and tasks for them to earn some extra money, and they can send instant one-off payments. If necessary, the card can also be instantly cancelled.

Currently, GoHenry is raising funding on CrowdCube. With 6 days left, they have raised £5.7m of their £2m goal. This alone shows that there is a big market for this kind of money management system for parents and children.

If you like the sound of this Kid/Parent-Tech focused startup business, you might also want to read up on: 

BleepBleeps - the tech parenting brand

Koru Kids - Innovation in childcare

Highbrow - Media Content aimed at children

 

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• #finance
• #children
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• #gohenry
• #fintech
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• #crowdcube
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• #parent tech

Published on: 21st October 2018