PHOENIX--(BUSINESS WIRE)--BusyKid has launched a completely new version of its money management app and is encouraging all families to use the basic platform for FREE, in hopes of helping parents provide their children hands-on experience when it comes to dealing with money. While the previous version of BusyKid had a family subscription fee, there is no charge for the app or the platform.
Studies continue to show that children in the US still fail to receive basic education when it comes to common money management. Without it, millions of teens graduate high school only to be overwhelmed by basic financial situations where a wrong decision could mean debt with a lack of a plan for saving or investing money.
“There has never been a more critical time to teach kids about a strong work ethic and managing money,” said BusyKid CEO Gregg Murset. “And in order to help teach the greatest number of kids about earning, saving, sharing, spending and investing wisely, we had to provide a platform where everyone could afford to use it.”
When BusyKid hit the market over a year ago it charged a subscription fee of $24.99 annually per family, the lowest among similar apps. Parents saw the benefits of using BusyKid, with well with over 1.5 million chores completed and almost $2 million in allowance earned. As the very first chore/allowance app where children could earn, save, share, spend, and invest real allowance, Murset says the decision to offer BusyKid for free was easy.
“We kept hearing from parents wanting to use BusyKid but saying they couldn’t afford it, even as the lowest priced option in the industry,” noted Murset. “We just figured that if the point is to provide a service that can help families produce money-smart kids, then we just had to make it so everyone can afford to use it. Now there’s no excuse for a family to provide their kids hands-on experience with managing money.”
Though there is no app or subscription fee to use the platform, parents will have the option to upgrade the experience their kids can have by adding a BusyKid Visa Prepaid Spend Card ($7.99/yr. per card). The company plans to provide additional upgrade options in the near future, but at this time, none of the upgrades would be required to use the basic platform.
“We want all parents to think of chores as their child’s first job, the allowance as the paycheck and themselves as the employer,” added Murset. “Then it makes BusyKid a perfect training ground for kids who will obtain their first job, at some point, and face thousands of financial decisions as adults.”
More About BusyKid
BusyKid is about helping children develop a financial routine they can carry into adulthood. With the help of parents, children use BusyKid to get the hands-on experience in making various money decisions, including how allowance much to save, share, spend and invest. With pre-loaded chores and allowance based on children’s ages, parents can easily set up any kid account, and in minutes, and kids can be earning money. Payday is each Friday after parents check the work to verify that it was completed and approve a notification on the phone to ok the transfer of funds. After getting paid, children can save some money, donate some and use the rest to get cash or buy shares of real stock. If a parent decides to upgrade with a BusyKid Visa Prepaid Spend Card, a child can use their spending money in stores or online. BusyKid is available now free via Apple Store and Google Play. For more information about BusyKid, visit http://www.busykid.com.