Have you heard of GoHenry?
GoHenry is a pocket money app that was founded in 2012 with the primary goal of teaching financial skills to kids and teenagers. It offers a unique platform where kids can learn money management and financial responsibility in a safe and controlled environment. Let’s take a closer look at how GoHenry works and what sets it apart from its competitors.
What is GoHenry?
GoHenry is an innovative pocket money app that provides a hands-on approach to teaching financial skills to kids and teenagers. The platform operates through a user-friendly app that is available on both IOS and Android devices, making it easily accessible to families. Through the app, parents can monitor and manage their children’s spending while giving kids the freedom to learn and practice money management in a safe environment.
The core concept of GoHenry revolves around the idea of giving kids their own personalised Visa prepaid card for spending. This not only teaches them the value of money but also helps them understand the importance of making informed financial decisions. The app allows parents to set boundaries, allocate allowances, assign tasks, and establish savings goals for their children, creating a structured approach to financial education.
Teaching Financial Skills
GoHenry is designed to be an interactive and engaging platform that teaches kids and teenagers essential financial skills. By giving children ownership of their own money and allowing them to make spending decisions within set boundaries, GoHenry empowers kids to learn about budgeting, saving, and making responsible financial choices. This hands-on approach is crucial in helping kids develop a strong foundation for financial literacy that will benefit them throughout their lives.
Did you know that GoHenry offers a range of features to help kids learn financial skills in a fun and practical way? Let’s explore some of these features and how they contribute to the overall learning experience.
Features of GoHenry
GoHenry offers a range of features that are designed to help kids and teenagers learn valuable financial skills in a practical and engaging way. These features are tailored to suit different age groups and learning styles, making GoHenry a versatile platform for teaching money management.
Personalised Visa Prepaid Card
One of the key features of GoHenry is the personalised Visa prepaid card that is allocated to each child. This card allows kids to make purchases both online and in-store, giving them a hands-on experience in managing their money. The card is linked to the parent’s account, providing real-time oversight of transactions and spending habits. This feature encourages kids to think carefully about their purchases and budget effectively, fostering responsible spending habits from a young age.
Parental Controls and Boundaries
GoHenry gives parents the ability to set controls and boundaries on their children’s spending through the app. Parents can allocate allowances, assign tasks, and establish savings goals for their kids, creating a structured approach to financial education. These controls help parents teach their children about budgeting, saving, and responsible spending in a controlled and monitored environment. By giving parents the tools to oversee their children’s financial activities, GoHenry empowers families to work together towards financial literacy.
Interactive Savings Goals
GoHenry allows kids to set savings goals for specific items or experiences they want to save for. This feature encourages children to think about their long-term financial objectives and work towards achieving them through regular saving. By visualising their savings progress and tracking their goals on the app, kids can learn the value of patience, perseverance, and delayed gratification. This hands-on approach to saving helps children develop a positive attitude towards money and instils important financial habits that will serve them well in the future.
Task Allocation and Rewards
GoHenry enables parents to assign tasks to their children and reward them upon completion. This feature helps kids understand the concept of earning money through hard work and responsibility. By linking tasks to monetary rewards, parents can teach their children the importance of effort, time management, and commitment. This interactive approach to task allocation and rewards instils a sense of accountability and work ethic in children, setting them up for success in their future endeavours.
Financial Education Hub
GoHenry offers a dedicated financial education hub that provides resources and tools to help kids learn about money management in a fun and interactive way. The hub includes articles, videos, quizzes, and games that cover topics such as budgeting, saving, earning, and spending. This feature enhances the learning experience for children by offering a variety of educational materials that cater to different learning styles. By engaging with the financial education hub, kids can deepen their understanding of key financial concepts and develop essential money management skills.
Pricing and Competitors
While GoHenry offers a unique platform for teaching financial skills to kids and teenagers, it is essential to consider its pricing and competitors to make an informed decision about using the app. Let’s explore the pricing structure of GoHenry and compare it to some of its competitors in the market.
Pricing
GoHenry charges a monthly fee of £2.99 per child, making it an affordable option for families looking to teach their children about money management. This fee covers the cost of the personalised Visa prepaid card, access to the app, parental controls, and other features offered by GoHenry. While the monthly fee may deter some families, the value and benefits of using GoHenry outweigh the cost in terms of financial education and practical skills development for kids.
Competitors
GoHenry faces competition from other pocket money apps that aim to teach financial skills to kids and teenagers. Some of the key competitors of GoHenry include Roostermoney, Nimbl, and Hyperjar, each offering unique features and benefits for families. While GoHenry stands out for its personalised Visa prepaid cards and interactive savings goals, its competitors provide alternative approaches to financial education that cater to different preferences and needs. By comparing the features, pricing, and user reviews of these competitors, families can choose the best pocket money app that aligns with their goals and values.
User Experience and Feedback
User experience and feedback play a crucial role in evaluating the effectiveness and reliability of a financial education platform like GoHenry. Understanding what users have to say about their experience with GoHenry can help families make an informed decision about using the app for teaching financial skills to their children. Let’s delve into the user reviews and feedback for GoHenry to gain insights into its strengths and areas for improvement.
Trustpilot Reviews
GoHenry has garnered mostly positive reviews on Trustpilot, with 68% of users rating the app with five stars. Users have praised the app for its user-friendly interface, parental controls, and interactive features that make learning about money management fun and engaging for kids. The personalised Visa prepaid card and savings goals feature have been particularly well-received by users, highlighting their effectiveness in teaching financial skills to children. While many parents have expressed satisfaction with GoHenry’s overall performance, some have pointed out drawbacks such as the monthly fee and additional loading fees, which can impact the app’s affordability for some families.
User Feedback
User feedback on GoHenry has echoed similar sentiments, with many parents appreciating the app’s ability to teach financial skills in a practical and interactive manner. Parents have noted that GoHenry has helped their children become more responsible with money, make informed spending decisions, and develop positive saving habits. The task allocation and rewards feature has been highlighted as a valuable tool for teaching children about the relationship between effort and financial rewards. Overall, user feedback on GoHenry has been positive, indicating that the app effectively fulfils its goal of teaching financial skills to kids and teenagers.
Areas for Improvement
While GoHenry has received positive feedback from users, there are areas for improvement that could enhance the user experience and value proposition of the app. Some users have raised concerns about the monthly fee charged by GoHenry, citing it as a barrier to using the app for teaching financial skills. Additionally, the lack of protection by the Financial Services Compensation Scheme has been highlighted as a potential drawback for families considering using GoHenry. Addressing these concerns and exploring ways to make the app more affordable and secure for users could further enhance its appeal and accessibility to a wider audience.
Conclusion
In conclusion, GoHenry is a pocket money app that aims to teach financial skills to kids and teenagers through a user-friendly and interactive platform. By offering personalised Visa prepaid cards, parental controls, interactive savings goals, and task allocation features, GoHenry empowers children to learn about money management in a practical and engaging way. While the app has received positive feedback from users and offers valuable resources for financial education, it faces competition from other pocket money apps and challenges in terms of pricing and security. By considering the features, pricing, and user feedback of GoHenry, families can make an informed decision about using the app to teach financial skills to their children.
Next time you’re looking for a fun and practical way to teach your kids about money management, why not give GoHenry a try? With its innovative features and interactive approach to financial education, GoHenry could be the perfect tool to help your children develop essential financial skills and habits that will benefit them for years to come. So, why not explore GoHenry and see how it can make learning about money management a fun and rewarding experience for your family?