By Polly Conway,
Common Sense Media Reviewer
Common Sense Media Reviewers
Money management made easy with cute budgeting tool.
A Lot or a Little?
What you will—and won't—find in this website.
Kids can learn money-management skills, including goal making, saving, and general organization. They'll learn perseverance as they save up for a special toy or item and can strategize how to allocate incoming money. Updating their accounts with recent purchases, kids will see exactly where their money is going and can watch how long-term and short-term savings goals are doing. They'll gain a sense of fiscal responsibility, even with very small amounts of money. Really young users can build their addition and subtraction skills as well. bankaroo is a welcoming site that makes keeping track of money easy and fun.
Learning to budget money can give kids a huge sense of accomplishment.
Products & Purchases
Kids do save up to make purchases.
Parents Need to Know
Parents need to know that bankaroo is a website that allows kids to manage their money online. Parents sign up to create an account; they'll get an email registration link to confirm and can then add accounts for each kid. Kids choose a username, a password, and an avatar as well as currency (you can pick a real currency, such as dollars or euros, or a heart, star, or point system). They can then save up for items they're coveting or track their allowances. It's a lovely interface, but it will take some work on your end to keep everything updated. Under the CCPA law you have the right to protect your personal information. Make a Do Not Sell request to Bankaroo.
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What’s It About?
BANKAROO is a website that allows kids to manage their money online. Parents sign up to create an account; they'll get an email registration link to confirm and then can add accounts for each kid. Kids choose a username, a password, and an avatar as well as currency (you can pick a real currency, such as dollars or euros, or a heart, star, or point system). Fill in the initial balance, then choose whether a negative balance is an option or whether a parent can add funds into the account.
Kids then can begin using their account, adding or subtracting funds, or creating savings goals. They'll add a goal by clicking on the "Goals" button and then filling in what the item they'd like to save for is, how much it costs, and how much they'd like to put toward that goal weekly or monthly. Funds then are allocated toward each goal and will be subtracted automatically. When kids do things such as achieve goals, they'll get a cute kangaroo-themed digital badge for their profile. There's also a blog for parents that tackles subjects such as allowance, budgeting, and giving to charity. The site is currently available in six languages with more being added.
Is It Any Good?
As far as money-management websites go, bankaroo is pretty charming. The design is inviting, and simple, encouraging language makes the prospect of maintaining a bank account less intimidating for kids. However, there's no real instruction to be found; an About page only introduces you to the admittedly awesome creators of the site, an 11-year-old girl named Danielle and her entrepreneur dad Etay. There is a forum, but it doesn't contain a FAQ, only a few unanswered questions from users. However, the interface is so easy to use that you shouldn't have too much trouble after clicking around a bit. Bankaroo is a beautifully designed site that can really be fun for both kids and parents to use, but a little more guidance will help everyone get their money matters sorted.
Talk to Your Kids About ...
Families can talk about different ways to manage money. Why do some kids get an allowance while others get money for doing chores and other tasks?
Talk to your kids about the importance of saving money (bankaroo's blog has lots of great ideas on getting these conversations started).
- Subjects: Math: arithmetic, counting, money
- Skills: Thinking & Reasoning: collecting data, decision-making, strategy, Self-Direction: achieving goals, set objectives, work to achieve goals, Responsibility & Ethics: fiscal responsibility, Tech Skills: using and applying technology
- Genre: Educational
- Pricing structure: Free
- Last updated: November 5, 2015
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