As parents, we all want to help our children learn about money. The relationship we have with money at an early age can impact our future financial situation. Building a positive relationship is key and as adults, we have a responsibility to guide our kids. How do you pay your children pocket money? At what point do they need their own card and can they access an app to assist with budgeting? One of the most heavily advertised ways of introducing our children to their financial journey is with GoHenry. However, there are costs and fees involved in that which many parents might want to avoid. FinTech company Acorns now owns GoHenry and in 2023 GoHenry apparently made £34million. With that in mind, let’s have a look at the best GoHenry alternatives.
Prepaid Cards Are A Great Idea
Many of the platforms I’m going to discuss are all based around prepaid cards. This means the parent loads the card with money and the child can use it for buying items in a shop. This helps limit how much can be spent by the child and also build that relationship with money in terms of saving. Prepaid cards are a great idea as if they are lost they only have a certain amount of money on them. The card can usually be frozen within the app too, should it go missing.
My Problem With GoHenry
There are many people who love GoHenry. I have no issue with that, please do continue and educate your children using the tools you are paying for. I’ve even had someone drop into my Instagram messages asking if I wanted to earn commission from promoting the platform.
However, my issue is the fee involved. When teaching children about money, we shouldn’t be having to pay a fee for the platform. GoHenry costs between £3.99 and £9.99 a month, depending on the membership you choose. Whilst many will say this is a good deal because it is positioned as a financial education tool, spending £120 a year on fees is a lot of money.
Of course, kids will love this platform as they can select a card design with the likes of Despicable Me or Across The Spiderverse. Whilst there is a free trial available, the basic £3.99 plan doesn’t even include unlimited top-ups. These would be 50p extra per time. There has got to be a better and more affordable way.
GoHenry Alternatives
Fortunately, there are many GoHenry alternatives available. They all offer something different so it’s important to do your own research and find the one that feels right for you and your family financial situation. Some of these have zero fees and others have small pricing structures. Of course, the free ones could start adding fees at any time so it’s important to keep an eye on things once you have set it up. Let’s run the list so you can start searching.
- HyperJar
- Starling Kite
- NatWest Rooster Money
- Revolut <18
- Opser
You might opt for HyperJar due to its lack of monthly or transaction fees. However grown ups can only fund the ‘jars’ for their children by having money in their own HyperJar account. Startling Kite has no hidden fees and includes a children’s version of the app with smart money tools. NatWest Rooster Money allows anyone to add to the account, with a more affordable annual fee of £19.99. Revolut <18 has a standard free account but also offers paid plans should you need it. Whilst Osper is a little bit more like GoHenry but a free standard card and a £2.50 monthly fee.
As you can see, there are many GoHenry alternatives to consider and there is no one-size-fits-all approach. It’s key that as parents, we figure out the best option for us. You might have started with pocket money paid in cash and want to transition to a prepaid card that you can have a little control over. As our children grow, albeit too fast, the way we discuss money with them will change too. So you might start with one of these options with the idea that you shift to another in a few years. Explore these GoHenry alternatives and do what works for you.
The Importance Of Financial Education For Children
Crafting a good relationship with money is important from an early age. Many of us get into tricky financial situations later in life and having confidence and knowledge will help us through it. Implementing those money skills during childhood will help our kids to grow up being financially resilient, with the understanding of what they can do with their money.
Final Thoughts
It’s important to understand that I see a place for GoHenry. They have many customers who will be happy with the service they get from the company. However, as it’s one of the most advertised platforms, many parents might see it as the only option out there. It’s important to look at GoHenry alternatives to give ourselves a well-rounded view of what is available and on the market for us. Personally, we use HyperJar, but there will be all sorts of families with different needs. Find what works for you. Most importantly, talk openly with your children about money and stand by them during their financial journey.
