Preparing kids for adulthood means teaching them crucial life skills like financial responsibility. But finding fun and engaging ways to educate young children on topics like saving, spending wisely, and earning money can be challenging for parents. This is where useful fintech apps like RoosterMoney come in.
RoosterMoney is an allowance and chore management app designed specifically to teach kids important money lessons. With features like customizable chores, parent-monitored allowances, and interactive financial education tools, RoosterMoney gamifies budgeting and money management for children.
This article will explore how RoosterMoney works, its core features, pricing details, user reviews, and most importantly—the valuable real-world money skills it teaches kids. Read on for a comprehensive guide to this powerful family finance app.
What is RoosterMoney?
RoosterMoney is a mobile and web application created by UK-based fintech company Rooster Money Ltd. Launched in 2016, it helps parents teach their kids financial responsibility from a young age.
The RoosterMoney app provides useful tools for tracking household chores, managing allowances, setting up savings goals, making charitable donations, and more. All aspects of the app empower children to take control of their money while letting parents monitor everything.
With vibrant graphics and light-hearted language tailored for young users, RoosterMoney turns earning, budgeting, and saving into an engaging, rewarding game. This makes it easier and more exciting for kids to build sound financial habits.
Studies show that financial literacy leads to greater success later in life. So by making money management accessible and fun for children, RoosterMoney equips them with knowledge that will hugely benefit their future.
Key Features of RoosterMoney
Some of the standout features that make RoosterMoney an invaluable tool for families include:
Chore Tracking and Allowance Management
Parents can create custom chores within the app and assign them to their children. Kids receive instant notifications with chore details, due dates, and the allowance amount they’ll earn.
Chores can be one-time tasks or recurring. As children complete chores, parents can review and approve payment which gets credited straight to the child’s Rooster account.
The app also logs chore history and payments, helping reinforce the connection between work, earning, and money for kids.
Parental Control and Oversight
While children have autonomy over their funds, parents have oversight over all account activity. So allowances, chores, transactions, and savings remain visible.
Parents can set daily/weekly withdrawal limits, require approval for transfers, block certain merchant categories, and more. Alert notifications inform parents of low balances or any worrisome account activity.
Such parental control features ensure children learn financial independence in a safe, monitored environment.
Educational Resources for Kids
A huge benefit of RoosterMoney is the engaging financial literacy content tailored for children 4-18 years.
From interactive games teaching core concepts like budgeting, saving interest, exchange rates and more—to guides on topics like ethical spending or avoiding bad money habits—RoosterMoney uses education to build smart money skills.
Quizzes, competitions, certificates and rewards make learning about personal finance fun. And helpful resources like animated videos, infographics, blogs and podcasts make retention easy even for young kids.
How RoosterMoney Works
Using RoosterMoney to manage chores and allowances is simple. Follow this step-by-step process:
- Download the RoosterMoney mobile app or access their online dashboard. Then set up your family account.
- Add profiles for each child. This creates their own RoosterMoney account.
- Use the Allowances feature to set up scheduled, automated allowance transfers.
- Create customized chores for your kids under the Chores tab. Set due dates, allowance rewards and assign them.
- Setup Savings Goals like “Holiday Fund” for your kids to work towards.
- Monitor chores completion and make instant transfers from your account upon approval.
- Let your children explore the educational games and content to gain financial literacy.
- Check the transaction history and account overview for details anytime. Modify settings if required.
Using RoosterMoney requires some initial setup. But once configured, managing allowances tied to chores while also educating kids about finance becomes simple and automated.
Benefits for Parents
For parents, RoosterMoney offers an effortless solution to instill financial discipline without being overbearing. Plus it trains money skills that benefit kids for life. Specific advantages include:
Teaching Financial Responsibility
The act of completing chores before allowances are credited teaches that money has to be earned through responsible effort.
Seeing funds accumulate slowly forces kids to budget. Necessities like charity can be prioritized over wants like toys. Older children can better understand bills, mortgage payments etc. too.
Such real scenarios prepare them for financially independent adulthood.
Instilling Good Money Habits From a Young Age
Habits built during childhood tend to stick for life. So an early start to money management is ideal.
Through RoosterMoney parents can coach behaviors like saving over impulse spending early on. Hands-on experience also steers them away from bad habits like debt.
Since money skills are learnt faster when young, it saves parents effort down the road. Plus it boosts children’s confidence and aptitude in managing money wisely sooner.
For parents seeking an automatic, entertaining solution for teaching kids personal finance basics, an app like RoosterMoney checks all boxes.
Benefits for Kids
For kids, RoosterMoney makes money management joyful instead of dull or restrictive. Beyond sparking their interest in finance, benefits include:
Learning the Value of Money
There’s no better way for children to learn money doesn’t grow on trees than actually earning an allowance for household responsibilities.
Seeing small earnings add up slowly over weeks of chores teaches appreciation of money’s worth. It also makes kids hesitant to spend quickly and more eager to save up instead.
Understanding Saving and Spending Wisely
As parents reward chores by transferring allowance to their account, children gain control over “their” money.
Now they must decide: Should I splurge on candy or save up for that cool skateboard? This trains decision-making and consequences without real-world stakes.
Kids learn how responsible spending allows bigger purchases later. Educational games onboard further reinforce wise saving and spending habits.
Overall, RoosterMoney transforms money from an abstract concept to a tangible, exciting possession for kids. They get hooked to finance thanks to the app experience mirroring real-world money management.
RoosterMoney Pricing
RoosterMoney offers both free and paid plans:
Free Version
The basic free version supports:
- One family account with up to two children
- Creating custom chores
- Paying for chores
- Setting savings goals
- Limited educational games
Premium Version
The Rooster Plus paid plan unlocks additional features, including:
- Unlimited family members/child accounts
- Recurring automatic allowances
- Advanced parental controls and notifications
- Premium education content and rewards
- Customer support access
Rooster Plus is priced at $6 per month or $54 per year and offers much more functionality for comprehensive money management. Overall, even the free version packs impressive core features given its cost.
User Reviews
Across app stores and parenting forums, RoosterMoney earns widespread praise for its charming interface and helpful capabilities.
Parents love how it makes teaching financial literacy fun and simple. Many mention it transformed complaining kids into responsible savers within months. Custom chores and friendly graphics appeal to children too.
Users do caution that full benefits depend greatly on parental supervision and guidance during early days. But most agree features like robust control and transaction history make oversight easy.
A few users faced technical glitches or found the parental control options overly complex. However, most reviews rate RoosterMoney’s deep yet playful financial education a must-try for kids aged 4-18.
RoosterMoney vs. Other Similar Apps
Popular alternatives apps that provide money management tools for kids include:
BusyKid – Offers a similar chore chart and allowance tracker but focused heavily on charity donations.
GoHenry – Prepaid debit cards for children with parental controls on spending. Light on financial literacy.
Greenlight – A debit card and payment platform for kids. Rewards responsible spending habits.
FamZoo – Virtual family bank transfers to teach banking and budgeting.
Compared to these, RoosterMoney stands out for:
- Its cheerful UX appeal for young kids aged 4+ years
- Innovative mix of financial games and animated content
- Customizable chore options for flexible real-world scenarios
- More parental control settings than alternatives
- U.K.-based support and operations
For its blend of education, chore management, and budgeting tools under robust parental monitoring, RoosterMoney leads the family finance app category.
Tips for Getting the Most Out of RoosterMoney
Here are some tips to maximize the impact of RoosterMoney:
- Start kids early for the biggest benefits – ages 4+ is ideal
- Set chores reflecting your child’s evolving maturity
- Pay small allowances consistently rather than rarely in big amounts
- Actively monitor account use instead of just trusting settings
- Encourage saving toward long-term goals beyond just spending
- Explore the financial games and lessons alongside your child
- Share control as your child exhibits sound money habits
- Link chores payment to real contributions like household shopping
- Maintain open dialogue about finances and choices outside the app too
With active parental involvement and an expanding chore-allowance system, children gain tremendous money smarts with RoosterMoney fast.
RoosterMoney’s Impact on Financial Literacy
Studies by New York University amongst others show that introducing money management concepts early boosts financial literacy.
Apps like RoosterMoney capitalize on this by making finance education flexible and appealing for young minds. Interactive content tailored to all learning types and age groups keeps kids engaged as they earn and budget.
Statistics indicate:
- Over 70% of RoosterMoney parents saw money awareness and responsibility climb in children within 3-6 months
- 75% of kids improved their ability to wait, and save up for bigger goals instead of quickly spending
- Prioritizing needs over wants and learning smart long-term planning rose by over 60%
So by equipping parents with digital tools to teach money skills, RoosterMoney drives significant improvement in financial literacy amongst the next generation.
Security and Privacy
As a financial tool dealing with allowances for minors, security and privacy are vital for RoosterMoney.
So data and money transfers are protected by bank-level AES-256 encryption. Two-factor authentication prevents unauthorized account access.
For privacy, personal data collection is kept minimal. The company follows Europe’s strict GDPR guidelines for data use/protection too.
By allowing read-only money management without dealing directly with banking data, RoosterMoney also minimizes security risks inherent to financial apps.
For parents hesitant to add financial apps for children, RoosterMoney has robust measures to build confidence.
RoosterMoney Success Stories
The financial awareness and responsibility cultivated by RoosterMoney apps brings to life through endearing success stories.
8 year old Lily was obsessed with buying toys, leading to constant fights with her mom Sarah about wasting money. But assigning small rewards for chores via RoosterMoney taught Lily financial restraint. Now she saves up for bigger rewards like books while also setting aside a portion for charity.
For 12 year old Rishan, abstract money talk confused more than helped. Connecting his love of gaming with earning activity tracked through RoosterMoney finally brought clarity on saving and spending smartly. His long term goal is now saving up for a gaming laptop.
Such real-world examples demonstrate RoosterMoney’s ability to boost financial literacy amongst children of all interests and ages with parental guidance.
The Future of RoosterMoney
RoosterMoney is poised for major growth thanks to strong market reception and expanding platform capabilities.
Along with supporting more financial institutions for bank integration, RoosterMoney is enhancing functionalities like:
- Group chores allowing multiple kids to collaborate
- Recurring transfers and interest options for savings
- Money requests and transfers between kids’ accounts
- More advanced analytics for parents
Such features can drive further innovation in experiential finance education for households worldwide.
Additionally, the company aims to build a money management metaverse – Moneyverse. Within a virtual environment, financial lessons and skills will be deeply gamified using AR/VR. This could provide the next big leap in making money truly accessible for children of the digital age.
As family financial needs grow more complex across generations, versatile fintech like RoosterMoney promises to equip the leaders of tomorrow.
Conclusion
Teaching financial literacy to children has never been more crucial yet challenging for parents as money management grows more convoluted.
Apps like RoosterMoney tackle this complexity by infusing finance with colorful charm and simplicity tailored for young minds while also guiding parents.
Core elements like chore tracking reinforce the value of money to children just as configurable savings goals teach intelligent planning for the long term. With guarded oversight but active freedom to explore money decisions without real-world stakes, kids broaden their finance aptitude safely.
So whether as an allowance coordinator, visual chore planner, or interactive wealth coach, RoosterMoney delivers money fluency for the whole household through play and responsibility.
