Your teen is a young adult who must learn to be financially savvy to get his way around the world. It’s a good idea to include personal finance and money management in your dinner-table conversations. If your teen can’t get his nose out of the phone or tablet, then let the learning come to him directly from the apps on his device!

The average attention span for our Gen Z is limited to just 8 seconds. So, teen-centric money apps break down complex financial concepts into manageable bite-sized chunks to grab their eyeballs.

Here are 6 popular money and allowance apps for teens: 

1. Xare 

For parents, Xare is the digital equivalent of handing over physical cash to your teen. This can be for paying him pocket money or a weekly allowance, giving him rewards for doing chores, or simply asking him to pay utility bills or do the grocery shopping. The teen doesn’t need a bank account to use Xare – just a smartphone will do. 

• Xare allows parents to create credit or debit cards for their teen and share it
• Xare card gives the teen access to the parents’ bank cards to use as their own
• Parents can set spending limits, authorize transactions, and monitor their teen’s shopping
• The teen can use the Xare card to shop online or offline from thousands of stores
• Parents can create any number of cards for their teens and can also top up a card
• Users can choose from multiple design options to customize the Xare card  
• Since Xare does not move money but only gives access to money, it is completely safe. 
  

2. FamPay 

FamCard offers a card co-branded with IDFC First Bank. This is a secure and convenient money management option for teens 

• Parents deposit money into a prepaid account for their teens.
• Control payment limitations and keep track of spending.
• Make a free account with no obligations or fee 
• Hands-on experience plus gamified challenges within the app.
• Parent and teen must both complete KYC verification before use 
  

3. Streak 

Streak gives teens a personalized pre-paid card and teaches them to manage their income and expenses. Teens and parents who use the Streak app have their own personalized interfaces that are designed to meet their needs. 

• Teens can earn Streak Coins by transacting with the card and then buy prizes. 
• Parents receive transaction insights in real-time.
• Parents can organize and manage their teen’s tasks and reward them on completion. 
• Teen can get his allowance on the app and spends within controls
  
  

4. Muvin

Muvin is a digital bank for young adults. Simple and easy to use, this app gives teens all the features of a normal bank account at their fingertips and on their phones.

• Teens get a personalized muvinCard for online and offline transactions.
• Parents can set spending limits to teach budgeting to their teen
• Simple and easy sign-up process.
• Users can block or change the pin on your muvinCard for security
  

5. Junio 

Junio is your teen’s own smart card that can pay for both offline and online purchases. It’s easy to order, but there’s no need to go through a full KYC process for the physical card. The Junio card could be promptly topped up and therefore is ready for use by your child.

Parents receive real-time alerts.

• Teens can purchase online, in-store, and anywhere else that accepts Mastercard.
• Parents can deposit funds into your teen’s account at any time, from anywhere.
• Automate the transfer of credits into the card at predetermined times.
• Parents can receive notifications about their child’s spending.
  

6. Akudo 

This is a virtual bank a.k.a neo bank which is on a mission to provide financial independence to teens. The app encourages youngsters to develop a saving habit by providing attractive rewards in a gamified environment.

• Teens get a customized VISA prepaid debit card for online  
• They can use UPI for offline shopping 
• They can send money to friends with a single tap
• There is a dedicated Savings option for putting money aside
• Parents can make a list of chores for the teen and give rewards

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So, there are several mobile apps out there that can teach your teen responsible money management while also allowing you to monitor their expenditures to see if they’re on track. Talk to your young adult so you can find a mutually agreeable solution, and help him spend, shop, and save wisely.

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