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Money saving apps: gohenry, the pocket money app for children article
Money saving apps: gohenry, the pocket money app for children article

Everybody remembers getting pocket money as a kid. For you it might have been a way of getting you the sweets and crisps you’d been craving. For your parents, however, it was a way of teaching you the value of money.

Things have moved on since the days where you would be given a pound coin at the end of the week and told not to spend it all at once. But teaching kids the value of money is as important as ever, and that’s where gohenry can help.

gohenry is a pocket money app for kids. In this week’s installment of our Money Saving Apps series, we’ll explore what it is, how it works, and how it can help teach your kids to handle their money responsibly.

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What is gohenry?

gohenry is a financial tool aimed at children aged six to sixteen. Set up by a group of parents who wanted to help their children learn about financial independence, its stated aim is to ‘Make every kid good with money’.

The tool combines a parent’s app, a children’s app, and a prepaid card which parents can transfer money to, and provides a safe and secure space for children to learn about and spend money.

Since being launched in 2012, gohenry has attracted over 1.5 million users across its two main customer bases, in the UK and America, and is now working on a teen version of the tool, aimed at young adults who are getting to grips with their financial independence.

How does gohenry work?

As previously mentioned, there are three main components of the gohenry platform:

– Parent’s app
– Children’s app
– Prepaid card

Parent’s app
Parents can access the financial platform with their own app, which allows them to deposit or withdraw money from their child’s account, monitor their child’s spending habits, and apply parental controls that will limit their child’s use of the app.

Children’s app
The children’s app allows your child to log in and view their balance, set up savings goals, and even earn extra money from you for completing certain tasks (with your permission, of course).

Prepaid card
As well as an online platform, your child will also be given a bank card when you sign them up for gohenry. Any money you deposit in their account, they can spend via this card, as well as withdrawing cash from cash machines.

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What problem does gohenry solve?

There’s no getting around the fact that we live in an increasingly cashless society. We were heading that way even before the coronavirus crisis, but since the pandemic hit the march towards a cashless future is picking up pace.

Given this reality, it’s important that your kids get to grips with using apps and contactless cards to manage their money – and it’s even more important that they understand the value of the money they’re spending. That’s where gohenry can be a useful tool.

Gohenry provides a safe platform for your kids to learn about handling their own money. They can view their own balance, set themselves savings goals to work towards, and learn one of life’s most important lessons – even in a cashless society, money isn’t just numbers on a screen. When it’s gone, it’s gone.

The best part about using gohenry is that your kids will play by your rules. From within your parents version of the app, you will be given full control over what your kids can and can’t do, to the extent that, if you don’t want them to be able to withdraw cash, that option can be removed.

Will I have to pay for gohenry?

Yes. gohenry does offer a free trial for a month to allow users to get used to the platform and test it’s functionality, but after that you will need to pay a subscription fee.

There are no pricing tiers on gohenry, every user is charged the same fee of £2.99 per month per child for using the app. The team at gohenry put that expense down to covering their costs, providing you the experience you deserve, and being able to offer first-class customer support.

gohenry did at one stage charge a fee every time you attempted to withdraw cash, but they scrapped that fee in 2020.

How does Chip help me save money?

Unlike other apps we’ve looked into during our money saving apps series, gohenry doesn’t save you money directly. While the platform allows your children to save money, it’s your money they’re saving.

As a platform that revolves around pocket money, every penny that your child builds up in their virtual piggy bank will come from you. As well as topping up their balance, you will be expected to pay a £2.99 subscription fee each month for every child in order to keep their accounts open.

All that said, gohenry does provide value for your money, by teaching your kids to appreciate the value of their money. The founding principle of the platform is to teach your kids positive money habits that they can put into practice over the course of their lives.

That sounds like value for money to us.

Where can I get more advice on Money saving apps: gohenry, the pocket money app for children and other debt solutions?

To discuss your options and get the support you need to deal with your debt today, contact us now on 0800 0431 431 or click the button to get started

Maxine McCreadie

Maxine is an experienced writer, specialising in personal insolvency. With a wealth of experience in the finance industry, she has written extensively on the subject of Individual Voluntary Arrangements, Protected Trust Deed’s, and various other debt solutions.

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Current Version

August 12 2021

Written by
Maxine McCreadie

Edited by
Maxine McCreadie