Financial literacy for kids and teens: Mobile apps and features for family banking

As cash becomes more rare in our daily lives

mobile banking is not just an adults-only tool. It's become an important part of how kids learn about money

spending, and financial responsibility. As parents, how do we keep ahead? We've got some tools to show you

For previous generations, learning about the value of money was a very physical experience

You could see your allowance in your wallet or count the coins in your piggy bank

and physically hand over money at a store when buying something. That tangible connection made it a lot easier to understand the value of money

Now much of that experience has moved on to a screen. With the tap of a phone, you can buy lunch, subscribe to a streaming service, or purchase items within a game

Mobile payment systems like Apple Wallet, Google Wallet, and peer-to-peer payment apps like Venmo make spending incredibly convenient

This convenience has changed our lives and our perception of money. Digital transactions can feel less real because we don't physically see the money leaving our hands

This is where modern banking apps can become powerful educational tools. Services like Greenlight, Acorns Early, and Cash App have features that cater to the financial needs of children and teens

These are all great starter tools for a parent to retain financial control

Through a handy app, parents can manage a wide range of budget-related tasks

like hand out allowance or assign chores create spending saving goals or even monitor spending via the kids friendly debit card in real time As the kids mature ownership of the app and its controls can transfer from parent to child Many of these apps have teen

versions that still reinforce solid financial habits like budgeting and delayed gratification while still giving parents monitoring access. So

instead of simply handing over money, these tools are invaluable for teaching

kids important financial lessons from childhood to their early adult years. Features such as

spending notifications and automatic payment transfers can reinforce good financial habits every day. But parents still need to establish healthy ground rules with digital money

and they're really no different than the rules in the olden days with real cash

For example, children should understand the difference between needs and wants before making a purchase. Families might want to set a monthly spending limit

require approval for larger purchases, encourage their kids to set aside a percentage of their allowance to savings

or even set aside some money to donate to a charity of the kids choosing

It all comes down to understanding the principle of money coming in and money going out

The platform might have changed, but the game's the same. Used correctly, these apps provide a valuable learning opportunity

for kids to have a deeper understanding of their own finances. Parents can use these tools to teach kids about investing, debt, interest rates

things that kids might not necessarily learn in school. It's never too early for kids to become financially savvy

This content was made possible by Cash App. I'm Cara Suboy for CNET.com