“There’s no question that the pandemic made kids a captive audience and created an atmosphere where they could have great success using our app. Still, they needed to put the work in first,” noted Gregg Murset, BusyKid CEO. “After a day full of online school and no outside contact with friends, it only figures that their stored-up energy would come out by doing chores, and doing chores often means earning an allowance. We were very surprised to see the earnings over $7 million, but even more surprised on how some of the money was used.”
Besides completing chores and earning an allowance, BusyKid also offers kids a chance to start developing other critical routines associated with a balanced financial lifestyle – investing stocks and donating to charities. In 2020, kids invested more than $350,000 and donated over $45,000, both all-time bests for the app, now starting its third year.
“We’re working very hard to help kids build a strong financial routine that will stay with them as adults,” added Murset. “A strong financial routine can just deal with earning, saving and spending, however, to be truly balanced, kids need to learn the importance of sharing and investing as well. We hope that as we find our way out of the pandemic, kids will keep up what they have started and build upon their successes.”
Phoenix-based BusyKid is the first chore chart and allowance app where children can earn, save, share, spend and invest real allowance. The platform, available for all mobile devices, is easy to use, highly secure and provides kids the hands-on experience in managing real money they won’t get in school. There is also a prepaid Visa® debit card that can be used for shopping online or in stores.
There are more than 35 charities available for donations and hundreds of opportunities for investments through the app. There is no minimum to donate, but for as little as $10, kids can buy fractional shares of the most popular public companies they see, know or use every day.